Step 1: Strategies for Repayment

Teach money concepts when children are young to introduce the concept of money & its value

Step 2: Set Savings Goals

Teaches patience, delayed gratification, & the value of saving toward a specific objective

Step 3: Teach Wise Spending

Involve children in family spending decisions to compare prices, discuss pros & cons of purchase

Step 4: Model Responsible Financial Behavior

Demonstrate responsible money habits, such as budgeting, saving, & avoiding impulsive spending

Step 5: Use Real-Life Scenarios

Involve in real financial decisions, like planning a family vacation or budgeting for money management lessons

Step 6: Be Patient and Consistent

Be patient & consistent in teaching money skills, & celebrate their successes along the way