Teaching your kids about money with Katia Chesnok

It’s common for people to make resolutions to improve their financial management and build wealth. However, for working parents with three or more children, achieving these goals can be especially difficult. Nonetheless, the rewards are also greater.

In recognition of this challenge, the first-ever Toyota Grand Highlander has teamed up with financial expert Katia Chesnok, aka @Economikat, to offer valuable advice on how to attain financial balance, build wealth, and teach your children about money. By taking advantage of this partnership, you can get inspired to stay on track with your financial goals.

This article is the third of a three-part series, you can check the links below for more great content from Katia and the first-ever Toyota Grand Highlander!

In this edition, we spoke to Katia about financial education and how to teach your kids about finances and wealth building.

Q. Tell us about your family life. What was it like growing up for you as a first-generation Latina?

Katia: When I was a kid, my family had a complicated relationship with money. My parents, grandparents, and family in general always treated money as a taboo topic. We didn t discuss taxes, budgeting, retirement plans. I grew up thinking that you must work until 65 and you can t retire earlier.

Growing up as a first-generation Latina, I felt like I was destined to be in debt forever as I was repeating the same financial patterns I had learned. I didn’t know about taxes, how to use a credit card effectively, or how to invest for my retirement. From a financial education standpoint, I was not prepared for adulthood.

Q. So how did you learn about money management and finance?

Katia: I decided I had to change my life and auto-educate. I couldn’t rely on schools to teach me personal finance. I started to read books, listen to podcasts, and learn from mentors who are already successful and financially free. As I became a mom, my focus was not only on myself but on my children. I’m teaching them about finances and money management as early as possible.

Q. What are some tips and tactics you can share for teaching financial literacy to children?

Katia: Every family needs to look at their unique circumstance and start from there. These are some of the ways that I’m teaching my kids about money:

1. Teach them by example. When you demonstrate responsible financial behavior, they learn those behaviors. Help them understand the connection between the financial steps you are taking and the benefits you reap as a family.

2. Integrate your kids into everyday conversations about shopping, paying a mortgage, and saving for an emergency fund. Explain when unexpected expenses pop up, so they understand where money goes and why savings accounts are important.

3. Make it fun. I like to use board games and visuals like piggy banks to teach our kids about money management and financial literacy.

4. I like to create financial family traditions to engage everyone with financial planning. One of ours is saving and tracking our budget for our next big family trip. Our latest was a family trip to Paris! The first-ever Grand Highlander s ample cargo capacity comes in extra handy for all of our luggage and the adult-sized 3rd-row means a comfy ride for the grown-ups.

5. Teach your kids early that they need to find their WHY and use that to set financial goals. They can reach any goal they set your mind, actions, and heart to. The key to reaching them is to believe in yourself, be disciplined, and to set specific tangible goals with a deadline.

6. Teach them to celebrate their small wins. These wins matter! Acknowledging them gives you the motivation to continue.

7. Don’t compare your journey to others. It’s important to learn early that financial responsibility is an important part of pursuing your own dreams.

Everyone s financial journey is unique. Enjoy the trip together, it’s pretty grand.