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Be a Money Mentor

It’s National Mentoring Month

January is National Mentoring Month – a time set aside to highlight the positive results mentoring has on a young person’s life, prospects and outlook.

A mentor guides a less experienced person by building trust and modeling positive behaviors. An effective mentor understands that their role is to be dependable, engaged, and authentic. When it comes to being a money mentor, it’s a way for young people to have someone on hand that provides support, modeling positive money habits and serving as a living, breathing example of financial wellness.

Offered below are several ways parents, parent figures or others can serve as a money mentor – a positive financial role model – to share and pass down the wisdom you have learned to better assist others.

Be Transparent

Are there real stories you can share about any bumpy roads you’ve experienced when it comes to finances? Perhaps your credit card balances got out of control. How did you navigate through to get on a smoother path? If you fixed the situation through belt tightening, talk it over. As appropriate, review any bills you receive each month and share the best way to become responsible for prioritizing bills. Reviewing financial statements and bills together provide valuables insight when it comes to making financial decisions.

Emphasize Education

Conduct a few formal sessions where you demonstrate how to read monthly bank statements, balance a checkbook, create a budget and pay bills on time by setting up auto payments.

Share resources or sources of trusted information about saving and becoming financially competent. Whether it’s a bank, credit union or other institution, explore opening savings accounts or other simple savings vehicles.

Online financial webinars can also be useful. Be sure to suggest looking into debt management plans and financial counseling from a trusted national nonprofit like GreenPath.

Money Mentors Matter

Money mentors teach by example. The healthier the financial behavior you demonstrate, the more likely of a financially stable future for your mentee.

 

Adapted from an article distributed in partnership with GreenPath Financial Wellness.

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