Teaching Children About Money:
Kid's Money Basics
Teaching children about money seems like it should be an easy task. They probably see money every day. Your family uses it to buy things they are familiar with...groceries, gas and clothes.
But it can get complicated quickly.
For instance, how old should they be before they learn to count money? If they are going to get an allowance, what age does that start? How do chores fit into the picture?
Teaching kids about money deals with all of those things. The goal is to give them a solid foundation to understand the money basics as well as help them grow into greater money responsibility. The good news is that there are all kinds of ways to do that!
Teaching children about money begins with first figuring out where they are in their money education. This can be based on age (especially if they are younger). Or, if they are a little older, you need to consider what they already know (or don't!). Keeping that in mind, check out the topics below and pick one to get started.
The kid money basics at this stage really focus on teaching kids money principles that always work and are not complicated. This is where teaching children about money involves...
Most of this will happen either in real-life situations (when you go shopping) or by using money games for kids. The goal at this stage is to give a solid foundation. If they can get the basics down here, the next stages can build on these more easily. This is also a good time to introduce the idea of earning money - whether through routine chores or through other ways.
After teaching kids money basics such as counting money
, you can move into other topics. Where you go next really depends on the child and how they are getting or earning money. The key topics include...
These money lessons can cover quite a few kid years. During this time, most of the money that kids get and spend happens with a parent around to guide them. This can be the best time to be teaching children about money and helping them develop solid money habits that they can carry with them as they start to make more of their own decisions. As they move into their tween and teen years, these money habits will become even more important.
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