GREENSBORO, N.C. — Financial experts say you should have at least three to six months of your salary saved as an emergency fund, but we all know how hard saving can be. That's why some say you have to start training kids early.
Maya Corbic wrote the book "From Piggy Banks to Stocks: The Ultimate Guide for Young Investors" She explains when you should start talking about saving with your kids.
“As soon as you see them getting interested in money. So if you see them playing store or if you see them playing with pretend cards like visa cards or bank cards, that means they are already starting to understand that money is used as an exchange,” Corbic said.
So we know when to start talking with kids about saving, but how should we do it? Corbic says when she gives her kids an allowance, she makes them save a portion of it in their piggy bank before they can spend the rest.
“ You know they say 95 percent of what we do, we do it out of habit. We do it on autopilot. So I wanted to embed these habits in my children, so when they grow up and make good money, I really wanted them to feel okay saving a portion of their income before they started spending the rest," Corbic said.
She stresses that even if you’re in a bad place financially right now it’s okay to have these talks with your kids. Explain to them how important it is, and try to be as transparent as you can without making them worry.