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10 GOOD FINANCIAL HABITS

1: Figuring out your net worth

2: Living within your means;

3: Saving or paying yourself first;

4: Understanding the difference between good debt and bad debt;

5: Establishing a financial safety net;

6: Knowing the difference between needs and wants;

7: Teaching delayed gratification and how to set financial goals;

8: Tracking your spending;

9: Saving now for your children’s education;

10: Presenting a united money front.

These 10 ideas come from Robin Taub’s A Parent’s Guide to Raising Money-Smart Kids published by the Canadian Institute of Chartered Accountants, which wanted to play a more active role in developing Canadians’ financial literacy, a need recognized by the recent Task Force on Financial Literacy. The guide helps explain the importance of learning about money by guiding parents through the five aspects of money management – Earn, Save, Spend, Share and Invest.

The book can be purchased either as a physical book or an ebook at http://www.castore.ca/moneysmartkids.

There are also free downloads of worksheets from the book at http://www.financialdecisionsmatter.com.

 

Read more: http://www.thestarphoenix.com/business/Children+absorb+financial+habits/6250329/story.html#ixzz1oFtzOxy3

Read more in The Star Phoenix article

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