How to Raise Financially Savvy Kids

As the economy continues to transition, adults are becoming more aware of their finances, but are parents taking the time to discuss finances with their children?

Farnoosh Torabi, Yahoo!’s Personal Finance Expert, shares four key tips on “How to Raise Financially Savvy Kids” with the families of Yahoo! News’ new reality web series “Remake America.”

Here are a few of Farnoosh’s tips:

1)      Involve your kids in financial activities, talk about why you are cutting the coupons out for the grocery store
2)      Teach your kids the meaning of cash, use the famous quote “money doesn’t grow on trees”, use another form of payment other than your debit or cred it card
3)      Kids learn about money from you, be mindful when paying bills, organize them into piles and have due dates
4)      Kids show earn allowances, give your children meaningful responsibilities besides cleaning their room, have them help siblings with homework, cut the grass or wash the car

Check out Farnoosh’s episode here

“Remake America,” an original Yahoo! series in collaboration with Trium, aims to spark a national conversation among Yahoo!’s audience of more than 170 million users in the United States[i] around the issues American families face every day. The series will offer the Yahoo! community an opportunity to join the discussion by offering their own solutions and guidance. Comments, personal stories, and anecdotes can all be posted on the “Remake America” conversations page and America will be able to follow these families through social media. During the program, Yahoo! News and ABC News experts will work with the “Remake America” families through specific situations, offering direct advice and tips that will help them break through roadblocks and create life-changing solutions.