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Tips to Teach Children About Money

I've had parents email wishing that their parents taught them the basics of money and finances. Teaching your kids early about money will be something they will take with them for the rest of their lives. Here are some tips I've put together to help teach children about money.

  1. Give allowances - This gives your children hands on experience which will teach them how to save and spend.
  2. Set goals - Get your children to set a goal for something they want. This will help your child with the motivation to save. It will also teach them to value what they have knowing that it costs money to have what you want.
  3. Open a savings account - A bank account, and visits to the bank will help your kids understand that when you save money, it can earn more money through interest.
  4. Purchase a piggy bank or savings jar - This way they can literally see their money grow. I still remember hefting my piggy bank as it got heavier and heavier! There are several sites that have some great piggy bank and saving products.
    The Money Savvy Pig
    Mybambino.com
    Korfforiginals.com
  5. Create a budget - Sit down with your kids and have them outline what they want and the costs. Then have them list their weekly income. This is going to show your kids how to make financial decisions to match their desires with the realities of what they have.
  6. Invest with your kids - Get them involved with your investment decsions. Have them pick their own favorite company. Track them in the newspaper. Go through mutual fund reports that you own with them to see if there are companies that they recognize and like.
  7. Clip coupons - Have your child help you cut out coupons and organize them for you. Take them shopping and show them the savings that they helped you with. Maybe give them 50 cents for every dollar they helped you save. This is a great way to teach children about saving!


Todays Tip!

I've saved thousands for my kids college fund without contributing one cent!

Click Here to Find Out How!