Tips for Raising Money-Savvy Kids
Posted on September 19, 2014
As a parent, one of your important roles is to help your children learn how to be smart money managers. It will serve them well for a lifetime!
HOT TOPICS » Identifying coins.
Teach your child to name coins and explain how you earn money and use it to buy things.
ACTIVITY » Trace around the outside of coins and color them in.
HOT TOPICS » Spending, saving and giving to others. Use your child’s growing math skills to help you pay cash for items. Set up your child with a piggy bank and savings account and consider starting an allowance.
ACTIVITY » Create a thermometer chart to measure progress toward a savings goal.
HOT TOPICS » Comparison shopping, safeguarding personal information to prevent fraud. When your child is ready, explain how a checking account works and teach him or her to use the ledger.
ACTIVITY » Put your child in charge of a yard sale.
HOT TOPICS » Budgeting, credit, investing. Before your child leaves home, emphasize that using a credit card is like taking out a loan that has to be paid back with interest.
ACTIVITY » Give your teen a monthly budget to manage, such as for lunches or clothes, and allow him or her to make mistakes.