BY LANA SANICHAR

Good or bad, it is well known that our beliefs surrounding money are formed when we are children and modelled to us by our parents and other adults. We also know that financial literacy is critically important to our children’s future and while schools have made some changes to curriculums to include aspects of financial literacy, first steps are still left to parents.

In the previous column, Fred Masters, former professional educator and President of Masters Money Management Inc., stressed that cultivating a positive “money mindset” is an essential first step when it comes to taking better control of our financial lives.

With that in mind, here are a few things to consider when it comes to discussing personal finance and modelling a healthy money mindset with our preteen and teenage children.

Be a saver, not a spender
Encourage teens to save a very large portion of their part-time pay, such as 80% to 90%. Remind them that post secondary education costs are on the horizon. For adult children, accumulating a down payment for their future home involves intentional saving over time; discuss this sooner rather than later.

Gift experiences, not stuff
Our best memories are often rooted in shared experiences, not “buying stuff .” Families can embrace this mentality by gifting experiences, which is an excellent way to be intentional about spending more time together.

Make good financial decisions daily
Be mindful about your spending each day and avoid impulse buying. If you need to make a larger purchase, do your research before you start shopping, so as to better control the decisionmaking process.

As parents, we want only the best for our children, and cultivating a positive money mindset is the first step in setting them up for success as an adult, financially and otherwise.