Your Kids and Money
Kids and money − a teaching opportunity? You bet!
Do your kids have a grasp of simple money management and personal finance skills? It’s never too early to start preparing them for life−long financial well−being by teaching them how to earn, budget, spend, borrow and share.
Set the stage
Start by being aware of how you deal with money:
- Does your family openly discuss money issues?
- Do you help your kids understand the connection between work and money?
- What are your kids learning about money through watching you?
The earlier you begin talking about personal finance skills, the better − but it’s never too late to start. Help them develop skills and understanding naturally over time. For example, if they have to earn their allowance by doing chores, your kids will get to see the relationship between money, time, skills and energy.
Learning opportunities
Try these age−appropriate activities to teach your child about money.
| Ages | Suggestions |
|---|---|
| Preschool, Ages 2-5 | Give your kids a piggy bank that can be opened easily; let them handle and count the money; show them the difference in coins. |
|
Elementary, Ages 6-8 |
Take them shopping! Let your kids read the price tags and find similar items with varying costs; explain what you do at checkout. |
|
Middle School, Ages 9-12 |
Take a field trip to the bank; involve the whole family in the budgeting process; let your kids research your next family outing by comparing movie ticket prices, menu options, calculating gas spent on travel, etc. |
|
High School, Ages 13-18 |
Use a chart to help your kids set specific goals; set dates and develop a plan to reach those goals; set up a family loan program that includes a pre−set credit limit, a fixed interest rate and a repayment schedule. |
Teach your kids about money by setting a good example. Discuss your family’s money management system and encourage your kids to get involved in the decision−making process. The good money management habits they develop now, can last a lifetime.
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