Category: Helpful Information
It's never too soon to start teaching children about money. Children should establish healthy savings and spending habits at a young age, and often they learn from the way their parents handle money. As a parent, it may be time for you to update your spending habits if you are worried about your child adopting poor money practices.
Here are some ways to start your kids (and maybe yourself, too) on the right track!
Give children an allowance or money for chores each week: Require your child to think carefully about purchases and pay for things they want to buy out of their own pocket.
Help your child open a savings account or use a piggy bank: Pay in denominations that are easily divided—quarters, one or five dollar bills—so they can immediately put the money away. Savings could be stored in a piggy bank or savings account while spending money could go to a wallet or purse. Make these places easily accessible.
Teach the difference between needs and wants: Ask your children some simple questions to help them avoid impulse spending: Where will you put this item? How often will you use it? Was the last purchase you made worth buying or would you now rather have the money you spent in your savings?
Talk to your kids about money: While shopping, or even walking around your house, explain the costs of things so that kids understand that you have many expenses beyond the things they want. It's helpful for children to have an awareness of how much things cost.
Visit a website dedicated to financial education with your child: Visit PocketCents, a site dedicated to helping everyone from kids to seniors, learn how to make smarter financial decisions. Children can discover how to start saving and more through interactive games, calculators, and short informational videos.
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