Top 15 Financial Tips to Teach Kids
Our children and grandchildren are our future and what better gift can we give them than the gift of financial literacy. We need to teach the next generations about money: how to save, how to think about spending, how to budget, how to think about their financial future and who to go to for extra financial advice—when the time comes. Children need to understand the practical basics of money and develop a positive relationship with money in order to help them achieve what they want.
Here are a few tips to help parents get started:
- First, know that parental involvement is key in children’s financial success
- Teach children the value of money, how to earn money and how to budget
- Do not spoil your children regardless of your income
- Do not pay for whining or crying children
- Do not always say no!
- Discuss your family budget openly and often
- Open a bank account for your child
- Develop the idea of quality over quantity
- Develop the notion that you can’t always get what you want
- Teach young children how to count change and introduce and explain tax
- Have a family discussion about allowance: Is it necessity?
- Teach the “Pay yourself First” lesson or let them read: The Wealthy Barber
- Introduce the idea of Good vs. Bad spending
- Discuss the true nature of Credit Cards: Pros and Cons
- Introduce the idea of charity and why people give to others—if possible
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