Many parents find that talking to children about money is awkward, but it’s just as important to talk to your kids about money as it is to talk to them about the facts of life, choosing good friends, or the dangers of drugs.
If you look back at your younger years and cringe at how you handled money, recognize the opportunity you have to help your children do better.
Here are 12 age-appropriate ways to teach children how to save money:
- Ba a good example for your children
- Give young kids a piggy bank
- Teach young children how to buy things with money
- Teach kids how to allocate money for spending, saving, and sharing
- Explain that sometimes you have to save first and buy later
- Teach children how to comparison shop
- Give tweens increased financial responsibility
- Open a bank account for your child
- Explain the risks of online purchases to tweens
- Teach teens the basics of credit cards
- Give high school students additional responsibilities
- Teach older teens how to invest for their future
The truth is, no matter the age of your children, there’s always a “next step” when it comes to teaching kids about money. We found a great checklist that mirrors a lot of what we talk about in our classes and books over at Mint.com – it’s great to see these messages gaining more mainstream acceptance.
What stage are you in right now with your kids? Have you thought about what financial lesson you’re going to approach next? Let us know – we’d love to hear what you’re up to!