Teaching Kids about Smart Money Basics
Although good money management skills are critical for living a balanced, successful adult life, many of us struggle with teaching these skills to our children. The truth is, our relationship with money – the way we talk about it, budget it and wrestle with it – is one of the biggest ways our children learn about the impact money has on our lives.
So the best, most obvious way to teach children good financial skills is to first evaluate your own. If you're unhappy with what you see, consider starting with a household money makeover. Enlist everyone in the family in planning and sticking to a budget, finding creative ways to cut spending, and taking every opportunity to put money away in savings. Children learn most clearly by example, so challenge yourself to set a financially good one.
Once you've developed a clear financial plan for the household, consider developing some specific strategies for teaching your children how to handle money responsibly and with confidence. To help you get started, we've gathered some tips and helpful information for teaching good financial skills to children from preschool all the way through college.
