6 essential money lessons to teach your daughter

by

Stacy-Ann Gooden

posted in Tips & Tricks

I remember graduating from high school and asking my mom about my college fund. My mouth hit the floor when she told me there was none. I made a vow back then that not only would I save for my kids’ education, I would also teach them the value of a dollar. Most importantly, I wanted to teach my little girl essential money lessons.

DSC00878 650x487 6 essential money lessons to teach your daughter

I put this financial plan into action before Princess exited the womb. The money her Auntie and Godmother collected at her baby shower raffle was the start of her college fund. To this day, every penny received from family and friends gets put away. Unfortunately, not all parents prepare their daughters for financial planning and investing.

According to forbes.com many women grow up without this type of guidance. As a result, women still lag behind men when it comes to confidence in making investment decisions, being on track for retirement and saving for retirement.

The article also sites a recent study from Wells Fargo on affluent women (with investable assets of $250,000 or more), claiming that 41% said they were not at all confident in their investing ability. Additionally, according to a study by Prudential, only 10% of female breadwinners felt very knowledgeable about financial products and services.

The author, Nancy Anderson, comes up with five financial skills to teach daughters during their formative years. But, I’ve decided to come up with my own version that’s specifically tailored for my daughter.

1. Be grateful for every penny earned.
2. Save and spend wisely. It’s okay to treat yourself to something nice, but you don’t have to break the bank.
3. When you start working, invest in a 401k/retirement fund.
4. It’s important to build your credit. Get a credit card, but use it responsibly.
5. I know you’ll probably move out someday. Remember that you’ll be better off owning than renting.
6. Be financially independent.

Related links:
Top 10 fun ways to teach your child the value of money
Top 7 ways to raise a money-smart kid

What money lesson would you add?

Stacy-Ann Gooden (aka Weather Anchor Mama) can be seen delivering the weather on the news weeknights in New York City. But her most important role is being a wife and mom. She writes about balancing career and motherhood in her blog, Weather Anchor Mama. You can also follow her on twitterPinterest, and Instagram.

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