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A Strategy for Success

Face it, sitting your child down tomorrow and saying: ”Let’s talk about money” might meet with a less than enthusiastic response. Instead, Nathan Dungan, founder and president of Share Save Spend®, a financial consulting company, suggests saving the speech and using a simple three-word approach instead: share, save, spend. “The mission is to help youth and adults achieve financial sanity through healthy habits,” explains Dungan.

The approach involves teaching children to divide their allowances or wages into three jars: One segment should be “shared” with a church or charity, another should be “saved” for college or a future goal and the rest can be “spent” at will. Here’s how to put the plan into action:

Share
Encourage giving at a young age—it will have a lasting impact. “Giving is a great learning opportunity. Parents should link it to something their kids are interested in,” says Dungan. “If your child likes animals, use the ‘share’ money to buy food and toys for an animal shelter and let the child actually give them to the shelter.”

Save
Goals are always important. Saving allows children to work toward a specific want, whether it’s a new bike or a school trip to Spain. “Open a bank account with your child. It’s a great way to introduce the concept of interest,” says Dungan.

Spend
Dungan says giving kids the freedom to spend their own money eliminates a child always asking for things. Parents can now say, “Is that what you want to use your money for?” Children are often more cautious about spending their own money.

—M.W.

 

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Thrivent Financial for Lutherans, Appleton, WI 54919-0001, is authorized to conduct business in all 50 states and the District of Columbia. NAIC # 2938-56014. Products issued by Thrivent Financial for Lutherans are available to applicants who meet membership, insurability, U.S. citizenship and residency requirements. Not all products described are available in all states. Thrivent Financial representatives are licensed insurance agents. Insurance and retirement products, where available, are individual contracts, (not group coverage), and issued by Thrivent Financial for Lutherans. Investment products are offered through Thrivent Investment Management Inc., 625 Fourth Ave. S., Minneapolis, MN 55415-1665, a wholly owned subsidiary of Thrivent Financial for Lutherans. Member FINRA. Member SIPC. Thrivent Financial representatives are registered representatives of Thrivent Investment Management Inc.

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This document was last updated on Thursday, July 5, 2007 at 9:58 AM