Teaching your kids about money at an early age is an investment with guaranteed high returns. The following are tips to help make money lessons worthwhile and fun for the whole family:
Get them involved. Each time you swipe your credit card at the store, visit the ATM or pay a bill, have your children help you do it. This is a simple way for them understand how money works.
Additionally, Executive Editor of Kiplinger’s Personal Finance, Janet Bodnar, encourages parents to help their children set up bank accounts as early as age eight, when they are old enough to understand how a bank works. For tips on how to set up their bank accounts, visit DailyFinance.
Teach them how to save. Once your children have some money of their own, it is important you show them how to manage it. For example, have different piggybanks designated for saving, investing and spending, and help them understand how much of their money should be put into each one.
For a fun activity, Squigly’s Arts & Crafts details how to make your own piggybanks.
Turn it into a game. In addition to books and games that teach your kids about money, you also can create your own. For example, you can make play money and open a pretend store. This would help them learn how to budget when shopping and estimate the overall cost of items.
Visit What to Expect for more easy and fun game ideas.
When teaching your children about money, it is a good idea to practice wise money habits yourself. Wise Bread is a useful resource, providing articles that help you save money and plan ahead for the future. Also, you can visit All Financial Advisors to find the right financial advisor in Massachusetts for you.
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