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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!
