Apr 13

Tips For Teaching Kids About Money

kids and moneyA recent Jump$tart Financial Literacy Survey shows that students' financial literacy has a lot of room for improvement. Since most schools still do very little teaching in this area, it's up to you to teach your children about money and finances. The earlier you begin teaching them, the better. Rachel Incoll gives 7 Essential Lessons to teach kids about money:

1. Money can be exchanged for goods or services.
2. One should be careful with money.
3. Money has to be earned.
4. Encourage one-third savings, one-third donations, one-third spending.
5. Avoid borrowing money wherever possible.
6. Money isn’t your best friend so don’t let it control your life.
7. Show them how to budget & live within their means.

Taking the time to teach your children the basics (and more) about money, saving and investing will be lessons that they will appreciate for the rest of their lives. Be sure that your children learn to control the money they earn instead of the other way around and your will have successfully taught them one of the most important lessons that they'll need when they are on their own.

Comments

  • Tuppence! Feed the Birds and Fidelity Fiduciary Bank aka
    the pigeon lady and bank scene in Mary Poppins worked well as a starting point for my little one. what kid doesn't want to feed the birds?

    Apr 14

  • Sounds like good advice to keep kids out of financial trouble, but what about gaining financial freedom. Do we want our kids to play to win, or play to not lose? Not all debt is bad. Most people I know that are financially free choose the lifestyle they want to live first. Then, they make financial decisions based on what it will take to live that lifestyle. To me, living within your means is just a way of letting money control your life.

    Apr 14

  • Those are pretty good tips. But like Erik I think there should be some tips on teaching kids how to get ahead.

    Apr 15

  • There are some great tips there. i especially like the idea on donations. I hope you dont mind me linking to you from my own blog.

    Apr 15

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