How to Teach Kids About Money

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That seems to me like overkill. I doubt that a child of that age can even process whatever you might be teaching them, let alone retain it. My son just turned 4, and it is very important to me that he grows up with the proper perspective on money and good financial habits, such as saving.

Preach the three principles: giving, saving and spending

But I have yet to have any kind of serious conversation with him about the right way to handle money. Childhood is a special time, and for the most part, it should be filled with fun.


I do it through my actions. Children learn a lot more from the actions of the adults in their lives than most people realize.

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I think my son understands, or is at least absorbing, what I am doing when we are out shopping and I am choosy about what I buy based on the price. Because of this, I was able to get a lot of great financial advice from my parents. Even though I do have the means to spoil my child if I wanted to, I think that sends the wrong message.

If my son had his way, we would go to the store every single day and buy a new toy. If we did, my son would learn that money is in infinite supply and that it can be spent on whatever he wants, whenever he wants.

Let Kids Be Kids

So when should you start teaching your kids about money? Lessons about money can be put on the back burner for a little while, so your kid can just enjoy being a kid. All Rights Reserved. Money Crashers. About Money Crashers. As with any investment, analyze together whether the money put in will pay off in the end.

  • Try these phrases next time your child starts bossing you or someone else around:;
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Also research additional loans, scholarships, and grants — and use calculators to estimate monthly loan payments — on studentaid. For more information, check out ibrinfo.

Gary R. The Lesson: You should use a credit card only if you can pay the balance off in full each month. It is all too easy to slide into credit card debt, which could give your child the burden of paying off credit card debt at the same time as student loans. Plus, it could affect his or her credit history, which could make it difficult to, say, buy a car or a home, or even to get a job. Sometimes, prospective employers check credit. Learn here how to budget money in order to build up emergency savings.

Teaching kids about money

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How to Teach Kids About Money, from Toddlers to Teens - The Simple Dollar

Table of Contents Expand. Discuss Wants vs. Set Savings Goals. Provide a Place to Save. Have Them Track Spending. Offer Savings Incentives. Leave Room for Mistakes. Act as Their Creditor. Talk About Money. Set a Good Example. The Bottom Line.

Do Kids Need to Learn About Money?

Key Takeaways Saving money is a habit that parents can teach their children at a young age. The first step is to explain important concepts like savings, a budget, and goals—then keep the conversation ongoing. Giving children an allowance can teach them the value of money and the importance of hard work. Younger children might keep their savings in a piggy bank, but older ones might want to keep their money in a real bank while working on their goals.