Parent Survival Guide: Teaching kids the value of money

VIDEO: Parent Survival Guide: Teaching kids the value of money

CHARLESTON, S.C. (WCSC) - Eight-year-old twins Jerahmiah, Joshua, and their 5-year-old little brother Michael are learning an early lesson in finances and saving money.

“We learned how to count money, but now we learned how valuable money is,” says Josuhua.

Lynn Mchoney says she and her husband are trying to teach the boys money habits by giving them an allowance for the chores they complete around the house.

“We teach them not to spend everything you have but to set aside and save some you can use some to purchase gifts for others give to the church and spend the rest on something your heart desires,” says Mchoney.

She says by giving the boys an allowance she’s slowly starting to see she and her husband’s money lessons catching on.

“I save it, I put it in my piggy bank and I like to buy stuff,” says the boys.

To further her family’s financial knowledge Mchoney says she and her husband decided to take a financial course called D free at their church.

The course teaches participants how to focus on making a lifestyle transformation on how you think, and handle your money.

She says it was during the classes that her boys started to ask more questions about finances.

Dorothea Bernique, a financial coach and who teaches the courses, says it’s never too early to start talking money with your kids.

“From the day they get birthday money you can teach them how to save, how to be givers, and how to be responsible spenders,” she said."Something as simple as creating three piggy banks that represent those various areas and allowing them to divide the money up when they get some."

Bernique says when talking finances with kids it’s important to keep what you say in mind.

“One thing I advise parents to not to say is,'We don’t have that or we are broke.' What you are doing is setting a poverty mindset of ‘We don’t have,' where as you teach your child that we choose not to spend our money this way at this time,” Bernique said.

“I learned you need to change your attitude to change your lifestyle. Your mind controls everything you do. So you have to change your attitude,” says Joshua.

Bernique says the D Free 6 week financial course is $25 for materials and is offered at several churches in the Lowcountry throughout the year.

For more information on the D Free program you can contact Increasing Hope Financial Training Center at (843) 225-4343.

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