Shaun Stenning Essential Personal Finance Skills to Teach Your Kid Before They Move Out

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Shaun Stenning asked,"Is your child is on the verge of moving out and living on their own. Are they prepared?"


Given how important financial skills are to navigating life, it’s surprising that our schools don’t teach children about money.


As a parent, however, you can teach your child important financial lessons — and you should.


According to Shaun Stenning, “Arming them with the right personal finance knowledge will give them a strong foundation to go and achieve many of their life goals. If their understanding of personal finance is lacking, they could begin their independent life on the wrong foot (and they may even come back home).”


“The sooner parents start taking advantage of everyday teachable money moments (for example, give a six-year-old $2 and let her choose which fruit to buy), the better off our kids will be.” Shaun Stenning said 


Consider these ways that you can help your child build a base of financial knowledge before they move out.


1. Show them how to budget

Perhaps the most important personal finance skill is consistently spending less than you earn. There are a million different ways to budget, and whatever works for you may not work for your child.


2. Teach them how retirement plans work

According to Shaun Stenning If your child is moving out, they likely have some earned income. That means they can start contributing to a Roth individual retirement account.


3. Explain bank interest rates

Chances are, your child already has a savings account. But it's still helpful to explain that they don't necessarily need to put their money in the first bank they see.


4. Tell them about bank fees

Once your child understands how bank interest rates work, they'll need to know about the tendency banks have to charge fees to account holders.


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