Tips On How To Teach Kids About Money

Below you will find some tips on teaching children about money.

• Start Young
  Research suggests that children as young as 3 years old are able to comprehend the concept of money.
  
  Play games such as counting or sorting coins.
  
  Take your child shopping with you and explain the differences between needs and wants.
• Give Your Child An Allowance
  Start small. Pay them for help around the house.
  
  As they get older teach them how to budget for expenses they will come across as they get older.
• Set Up An Investment or Savings Account
  Around age 8. Start teaching your child that a piggy bank or a box under their mattress isn’t the best place to store money.
  
  Introduce them to concepts such as banking, savings, interest, and investing.
  
  If you decide to purchase an investment for your child, let them choose the company they invest in. Help them track changes in their stock.
• Practice What You Preach
  Demonstrate what smart money decisions are all about. Be open about your finances.
  
  Have to cut back on entertainment this month? Explain to your child why and explain to them the concept of budgeting.
• Encourage Them To Play Games That Teach Smart Money Management Habits
  The internet is filled with fun games that teach kids about money.
  
  View our listing of online educational games that teach kids about money.