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September 30, 2019

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How to teach children about money

September 17, 2018

Teaching your child about money and finances will be easiest when you start early. Here's a quick review of what you might consider teaching your children at each age and stage, to help set them on a path to become financially savvy adults:

 

Preschool

  • Identify coins and bills, and learn what each is worth.

  • Understand that you can't buy everything (choices are necessary).

  • Save money in a piggy bank.

 

Grade School

  • Read price tags, and learn comparison-shopping.

  • Do money arithmetic (make change).

  • Manage an allowance, and use it to pay for some purchases.

  • Open a savings account and learn about interest.

  • Participate in family financial discussions about major purchases, vacation choices, etc.

 

High School

  • Work to earn money.

  • Budget for larger purchases.

  • Learn to use a checking account.

  • Learn about investing — stocks, mutual funds, CDs, IRAs, etc.

  • Share in financial planning (and saving) for college.

 

College

  • Learn about borrowing money (interest, default, etc.).

  • Use credit cards judiciously.

  • Participate in family estate planning discussions.

 

Knowing about money – how to earn it, use it, invest it, and share it — is a critical life skill. It's never too early to start teaching your children about financial matters.
 

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