Christmas and birthdays are often a time when kids get a windfall of cash and gift cards. Should you let them run right out and spend it all? Whoa. Not so fast. An incredible teaching opportunity for your kids has just presented itself. The first of these is delayed gratification and putting a plan together on what to do with this new found fortune. The temptation is to let them go ahead and spend it. However, here’s a way to still let them get excited about spending but learn some important lessons about savings at the same time. I recommend breaking their money up into three buckets. This also gets them into a pay yourself first mentality.
Check out Bob's interview with Murray Feldman on Fox 2 Detroit about teaching your kids how to handle the gift of money and you can click here to read the story.