Teaching Kids about Money Management: Budget, Save + Spend
Teaching kids about money management is an essential life skill that will help shape their future—one where financial security is attainable through hard work and determination.
What Should I Teach Kids About Money?
You should teach your kids two main skills when it comes to money—and the earlier, the better. 1. Ability to identify money and the value it represents (perhaps the latter gets learned more with time and experience) 2. Ability to use money and make change.
When Can I Teach Kids About Money?
You can teach your kids about money as early as them being able to walk and reach up to grab something off the coffee table or counter.
Ways to Teach Preschoolers & Kindergartners About Money Management
1. Teach Your Kids Their Money ABC
Teaching your child about money starts with teaching them the concept of the dollar. Coins act as fractions of that unit while bills are multiples of that. 100 pennies; 20 nickels; four quarters; two half-dollars and one dollar coin all make up the same amount of money: $1 (one dollar).
Ways to Teach Preschoolers & Kindergartners About Money Management
2. Show By Doing and Being an Example
You’ll want to set an example they can follow. That includes budgeting your money, holding regular finance reviews, saving for retirement, managing debt and minding personal finance decisions.
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