Since kids may not get a lot of personal finance education in school, teaching them about money is largely up to parents and other caregivers. Here, organized mostly by age level, are some important lessons you can teach your kids to help them develop good personal finance habits.
Young Childhood
Children begin to develop their habits and beliefs about money at a younger age than you might think. The right time to start teaching kids about money is between the ages of 3 and 5, according to educational experts.
Remember, your children are likely to be watching as you pay for every purchase. These days, most transactions are made with debit or credit cards, the concept of which may be hard for kids this young to grasp.
Cash is easier to understand. Make sure, then, that you use it, at least from time to time, when you’re with your child. Let your kid hand the money to the cashier, and count the change with them after the purchase.
Children at this age like to pretend. You can use games of pretend to impart money lessons. Set up a store with items for sale. The child can be the shopkeeper and you can buy things from them using real or play money. It shows that buying things costs money and you can’t buy everything you want.
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Young Childhood
Children begin to develop their habits and beliefs about money at a younger age than you might think. The right time to start teaching kids about money is between the ages of 3 and 5, according to educational experts.
Remember, your children are likely to be watching as you pay for every purchase. These days, most transactions are made with debit or credit cards, the concept of which may be hard for kids this young to grasp.
Cash is easier to understand. Make sure, then, that you use it, at least from time to time, when you’re with your child. Let your kid hand the money to the cashier, and count the change with them after the purchase.
Children at this age like to pretend. You can use games of pretend to impart money lessons. Set up a store with items for sale. The child can be the shopkeeper and you can buy things from them using real or play money. It shows that buying things costs money and you can’t buy everything you want.
Click to read more
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