Don't Let Your Bar Mitzvah Child Get Left Behind: 3 tips for AFTER their big day

A few key decisions can help your kids for years to come

As a parent, you want your child to have every advantage in life. According to a survey by T. Rowe Price, 86% of parents think it's important to teach kids about money but most get stuck along the way. Don't let your child fall behind, rather use their Bar Mitzvah and the gift money they likely received as a chance to give them a head start toward financial literacy.

If your child is approaching their Bar Mitzvah and you're wondering how to help them manage their gift money, check out these three tips:

1) Setup a savings account.

"The best time to plant a tree was 20 years ago. The second best time is now." - Old proverb

One of the best ways to ensure that your child's gift money is put to good use is to help them set up a savings account. This will give them a safe place to store their money and help them learn the importance of saving for the future. Bankrate shows some of the highest yielding savings accounts. Plus, starting a savings habit early on can lead to a lifetime of financial stability and success. Don't wait – the sooner they start saving, the better off they'll be.

2) Create money goals and identify how to use gift money.

One way to ensure that your child's gift money is put to good use is to help them set specific money goals and make a plan for achieving them. Find out how much do they want to save versus spend? This could involve identifying what they want to use their money for, such as saving for a big purchase or investing in their future.

Encourage them to think about their long-term goals and how they can use their gift money to help achieve them.

By setting clear money goals and making a plan for achieving them, your child will be better equipped to make informed decisions about their spending and make the most of their gift money and avoid squandering it.

3. Teach them the A,B,Cs of investing with the Bar and Bat Mitzvah Money Course

If your child is interested in learning more about investing, the Bar Mitzvah is a great time to start.

One way to provide additional support and guidance is to enroll them in a course specifically designed for Bar & Bat Mitzvah kids. The Bar & Bat Mitzvah Investing Course is a great option that covers topics such as saving, investing, and giving charity. By taking this course, your child will have the opportunity to learn gain valuable skills that can have a huge impact on their financial success for the rest of their life.

Investing in financial literacy at a young age can pay off in a big way, setting your child up for a lifetime of wealth-building and financial stability.

Give Your Child a Head Start on Financial Literacy

By following these tips, you can help set your child on a path toward financial literacy and set them up for a lifetime of financial success. Don't let the Bar Mitzvah be a missed opportunity – take advantage of this chance to teach your child about money management.

As Benjamin Franklin once said, "An investment in knowledge pays the best interest." Invest in your child's financial education now, and they'll thank you later.

Learn more about #1 rated gift - the Bar and Bat Mitzvah Gift Investing Course