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Teaching Children the Importance of Finances At Every Age

For more ideas or advice about financial responsibility for your children, give our experienced estate planning attorneys a call!

Sep 29, 2023

by Family Estate Planning Law Group

Home » Blog » Teaching Children the Importance of Finances At Every Age

Financial responsibility is important to teach children of all ages. Showing your kids how to save money, manage their money, and make smart financial decisions can set a great foundation for the future. It is important to let your children know the value of money and set a positive relationship with finances at a young age. Here are some ideas of how you can instill good values concerning finances in your children at every age.

Elementary and middle school-aged children

  • Piggy bank savings or opening a savings account where they can see the amount in it.
  • Discuss with your child how to save their money for larger items they want.
  • Chore charts.
  • Weekly allowances.
  • Taking them shopping with you.
  • Teaching the value of different types of money (coins, dollars, cards, checks, bonds, etc.)

High school and college-aged children

  • Opening a joint bank account and savings account with a parent. Many banks offer student accounts.
  • Credit cards with limited use.
  • A part-time job teaching the values of earning money on your own.
  • Creating a budgeting system or chart.

A great way to help children learn about the value of money is by helping them slowly increase their understanding of and ability to save for larger items over time. At a younger age it may be for a new toy, but going into their teenage years it may be for something like a trip or car. As they get older, you may also want to teach them about investing and the basic terms and concepts. These are only a few ways to teach children about how to manage their money and save for the future. For more ideas or advice about financial responsibility for your children, give us a call!

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