Hey, Where's My Prince Charming?

Welcome!

I have been blogging for almost a year now and this is my first post for the Millburn-Short Hills Patch. I am a Financial Coach for kids and teens and my blog is dedicated to helping parents teach their children to become financially responsible. Learning to be responsible for your own money is an important life skill so in addition to my blog for parents, I also run programs and workshops for kids and teens. I hope you’ll check in on my weekly posts here at Patch and at my own blog, Financial Coach for Kids & Teens.

For this week, in honor of the Royal Wedding, I decided to debunk the myth of Prince Charming…

Yes, I did set my alarm for 4 a.m. last Friday to watch the Royal Wedding of Prince William and Kate Middleton. I did the same 30 years ago to watch Princess Diana marry Prince Charles. Ah, it’s a fairy tale come true.

But then I started looking at the money side of the Royal Wedding. Kate won’t have to worry about money anymore. Some parents might be worried that their daughters will think that their future Prince Charming will take care of them too. Sadly, studies show that girls tend to believe in the Prince Charming Myth. But you can take action now to correct it.

Step 1: Set up an Allowance Program – decide together her allocation to spending, saving and sharing. Help your daughter set short and long term goals for her savings.

Step 2: Discuss Family Finances Openly – show your daughter that financial planning is a part of everyday life. Talk about the family budget and help her set up her own budget.

Step 3: Talk about her Future – encourage your daughter’s interests and show how they might lead to a career. (For example if she likes to write, help her meet a journalist.) Another great activity is to research salaries of careers she might be interested in. The reality is that most women will work for pay for a portion of their adult lives but usually get paid less than a man, plus they may take breaks to have a family. At the end of their lives, a married woman can expect to live five to ten years in widowhood and might struggle financially. Check out the Women’s Institute for a Secure Retirement (WISER). They are dedicated to the education and advocacy that will improve the long-term financial quality of life for women.

By taking these three steps, your daughter will learn how to manage her own money and be in control of her future. So you’d better watch out Prince Charming!