3 Tips to Developing Money Stewards at Home

An effective way to view  money at home is to regard money education as a process rather than as a single event instruction. When money education is set up like this, money behaviors can be talked about, tweaked and managed more easily.

Here are 3 tips to get you started in developing money stewardship at home:

1        Begin by asking your family members what money means to them. Once the question has been asked, listen, without interruption to their response. It is critical that you not interrupt so your family members feel listened to. They do not want to feel this was a set up question for judgement and commands. When your children feel heard rather than feeling like they are being judged, they will more likely be candid with you in their response.

2        Put together an agreed to plan of action to develop valuable money habits in these areas: saving, invest, donating, earning, spending, what we at Focus and Sustain call the 5 S.I.D.E.S. of Money©. You will find your children are drawn more to one or two “sides” more than others. Explore these with them. Create limits and challenges for them to explore their interests.

3        Talk about money. Set up money nights where you talk about topics like: budgets for vacations, issues your children are running into, budgets, how to make money choices, etc.  Open  up the dialogue with welcomed feedback, with parameters around accountability, develop measurability to plans. All these will develop stewards to money at home.

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