Teaching your kids about money

It is not what or when to teach your kids about money and finance. It is an essential part of raising kids. So, think of ways you can get them involved.

You may have kids in deferent age groups. So, whatever you are trying to teach them about money should be age appropriate.

Take your preschool age kids with you to the grocery store. Show them the difference in price for the same item. Or better yet play the “super market” at home and play with few coins with different values. When they are in Kindergarten or elementary, you can start with an allowance and teach them how to save and grow the pot.

When kids grow older you can increase the intensity of their financial education. Take them on your visit to the mall and ask them to use their allowance for their purchases. Make sure to add an additional allowance for the mall trip.

When they are in high school they should learn about checking and savings accounts. Many financial institutions have accounts specifically for kids. If your kid has a part time job, having an account is the best. They will be on their way to college with a wealth of financial information.