5 Tips for Talking to Your Kids About Money

Helping your children understand money at an early age will help them build good money habits as adults. It will also help you tell your children “no” when you need to.

1.

Start when children begin learning.

As young as 4 years old, your child can learn to save. Get your child a piggy bank  (we use the one at the link) and help him or her save up coins.

Combine early counting and math lessons with money saving lessons by counting the coins and depositing whole dollar amounts into a child’s savings account at your bank.

Include them in the budget talks and activities.

Talk about why you budget things a certain why, why certain bills are paid this week over next week, and why you are putting money into savings.

2.

Show them your retirement savings as well, so they understand how important saving for the future is to you (that will impress upon them at this age).

Don’t pretend to have more or less money than you do. If you are pinching money to save, explain what you are saving for and why.

3.

Be honest.

Set an example.

Make sure your child sees how all the important bills and savings happen first before any splurge takes place.

4.

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