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How To Teach Children About Money
You can start by teaching your children to respect money. Giving them an allowance gets them off to a good start. They now understand how it feels to have your own money.
Encourage goal setting. Have them make a wish list along with a deadline: a skateboard by the end of the summer, a bike by the end of the year.
_Give them a piggy bank at a young age, and teach them the differences in coins’ values.
_Make saving a habit, with a rule that a certain percentage of their allowance or birthday money is put in the piggy bank.
_Open a savings account in a child’s name and show them how the interest will compound over time.
_Encourage goal setting. Have them make a wish list along with a deadline: a skateboard by the end of the summer, a bike by the end of the year.
_Teach how to budget. Have them write down what they plan to spend in any given week, and if any money will be left over. This will teach them the difference between wants and needs.
Adapted from Bankrate.com
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