Member Kevin O'Laughlin ... April is Financial Literacy Month, but as parents, we know teaching money matters is a year-round affair. Each trip to the store. When a child asks us about how much the house is worth. After handing over allowance. There are plenty of opportunities to talk about money.
I asked financial counselors, advisers and fellow parents for their thoughts on teaching kids about money, in honor of Financial Literacy Month.
Teach the three jars philosophy. “It’s easy and fairly common to teach kids to save their money and then buy something with it,” said Kevin O’Laughlin, certified financial planner for Affiance Financial in St. Louis Park.
“Unfortunately that misses the mark by not training children to save money for more than simply the next ‘thing’ they want.” He suggests using the Share, Save, Spend philosophy outlined by Minneapolis father Nathan Dungan.