Monday, May 18, 2015

5 tips to help savvy Latina moms raise financially smart kids

(BPT) - Latina moms juggle many priorities. You are entrepreneurs growing businesses, community leaders advocating for change, and still caring for children, parents and spouses who all rely on you for guidance and support.
As part of this role you also need to make sure your children are embracing their culture, exploring new opportunities, and preparing for their future.

Nowhere is this commitment to family more evident than in attitudes about financial education for your children. Recently, Massachusetts Mutual Life Insurance Company (MassMutual) commissioned the 2013 MassMutual State of the American Family Study, conducted by Forbes Consulting Group, LLC., on the State of the American Family and found that nearly three out of four Hispanics say that, when making financial decisions, they consider what would be best for their family – more than most other groups.

MassMutual’s survey proved that you focus a great deal of your attention and time toward improving the financial future of your family and setting children up for financial success. Nearly half of survey respondents reported to be actively involved in educating their children about money and investing. But if you’re like many parents, you might not know where to start. For many,discussions about finances and insurance were not dinner table conversations. However, you can make a difference in the life of your children today and tomorrow.

Consider these five tips to teach your children the value of planning and saving for the future:

1. Talk about it

Start having conversations at an early age. It’s never too early to start talking about money and it’s not a one-time conversation. Establishing the basics of saving and smart spending can help prepare your youngster for proper money management in the future.

2. Involve them

Involve your children in everyday financial tasks like grocery shopping, clipping coupons, and paying bills. Doing activities together provides an opportunity to impart lessons about saving and planning.

3. Save for a common goal

Have your family work as a team to save money for a common goal. As a family, think about items or activities that you all may enjoy together. It could be as small as a night out for dinner and a movie or as large as a flat screen television or maybe even a vacation. No matter what you decide to save for, it’s a great way to encourage everyone to work together for a fun reward once you reach your goal – together, as a family.

4. Tap into their entrepreneurial spirit

To make a little extra cash, encourage your children to complete chores for family and friends – and earn a weekly allowance. They could also start their own business. Make it exciting by coming up with a business name and nailing down the business’ purpose. It can help to write out a mission statement–a sentence or two describing the business’ goals to keep them on-track and engaged.

5. Make it fun

Families may consider playing family board games or activities that have a monetary component so kids can learn in a fun way. A fun way to help your children learn about finances and have fun at the same time is with MassMutual’s Money Talks games and activities which have been designed to help families start the financial conversation.

It can be overwhelming for any mother to balance work-life duties, but there are things Latina moms can do to help alleviate the pressure, such as talking to a trusted professional about your financial goals.

To learn more about planning for your family’s needs, visit MassMutual.com.

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