CU Youth Month Tip of the Week: Let Your Kids Make Mistakes

(From the Financial Literacy Blog) – Talking to your kids about money? Let them make mistakes. As a parent, it’s natural to want to shield your children from making a mistake, especially when it comes to their finances. However, a fiscal blunder can become a meaningful learning moment. If they want to spend all of their money on an impulse purchase against your advice, let them. If they have buyer’s remorse after making the purchase, don’t bail them out with your own money. By allowing them to make small missteps early on, they will learn from the experience and hopefully find their financial footing before they are forced to face more impactful fiscal decisions down the road.