Teaching Kids about Money Management
Money isn’t always easy to come by. It’s important for kids to learn how money works and what it can do for them, so they can grow up with a solid understanding of the world around them.
The first step in learning about money and finance is understanding what money is all about. That means taking the time to teach kids how to value a dollar, what things cost and how to earn money.
How Do You Explain Money to a Child?
Money is any medium of exchange which you can use to pay for goods and services with a mutually-agreed value. That means both sides agree to the value of the product or service being bought as well as the value of the money accepted in exchange.
What is Money?
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.
What Should I Teach Kids About Money?
When kids can get a hold of money, they can start to learn about money. Soon enough, they’ll be young kids and expecting an allowance for chores they perform and eventually, want to save for college and invest money as a minor or even begin trading stocks as a teenager.
When Can I Teach Kids About Money?
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