Today I did a webinar on how we can teach kids about money and I wanted to share the highlights with you.
Here are some age-specific things you can do to teach your kids good money skills:
- For 3-5-year-olds, get them a piggy bank and teach them the value of working and earning money for doing simple chores. Explain the value of coins they get and what they can buy with each coin.
- For 6-12-year-olds, start a savings account at a bank. Let them earn money by helping family and friends and teach them that their money will grow when they earn interest. Explain that we need to make choices about how to spend our money.
- For 13-21-year-olds, get them a supervised debit card to give them exposure paying for things with means other than cash. Teach them how credit cards work and that if you don’t pay the bill in full each month, interest will be charged and you will end up owing more than you originally spent.
What are some of the things you do to teach your kids about finances?