c4ab0f8ae13bbc846e2176a0dbf92196 - Become a Financial Mentor

It’s National Mentoring Month

This month is National Mentoring Month, which focuses on the positive impact mentoring has on the lives, prospects, and outlook of young people.

Mentoring involves guiding less experienced individuals, building trust, and modeling positive behaviors. Effective mentors understand the importance of being reliable, engaged, and authentic.

In terms of money mentoring, it provides young people with support, positive money habits, and a living example of financial wellness.

Here are several ways in which parents, parental figures, or others can serve as money mentors – positive financial role models – to share their wisdom and help others:

Provide Opportunities to Practice

A mentor can offer a young person an allowance or financial gift, with the goal of helping them create a spending plan for the funds. For example, a parent can set up an allowance and demonstrate how to create a simple saving and spending plan each month. This allows the mentee to practice saving and budgeting.

Lead by Example in Smart Purchasing

Be a positive financial role model when it comes to making purchases. Collaborate in researching the lowest cost for a big-ticket item, such as a TV or computer, by searching for discounts, using coupons, exploring online specials, or other options. Share moments when you’ve been tempted to make impulse purchases. The more deliberate and intentional you are in your own purchasing choices, the more likely your mentee is to adopt these habits.

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