Thursday, April 8, 2010

Thrifty Thursday: How to teach kids about money

Help your children become money wise at any age with our easy kid-friendly guide to savings.

I found this great article that was emailed to me and wanted to share some of the tips. The sooner you start educating children about money, the brighter their financial future will be. Start with these easy tips and set up your kids for financial success. Even if they're young, you can teach them how to make money, how to save money and how to be a smart shopper.

If your child is 3 to 7 years old At this age, kids begin to understand the mechanics of money: You hand it over and get something in return. Build on their budding knowledge with these tips.

Money Lesson 1: Tap into their natural curiosity.

Money lesson 2 :Lay down smart-shopping rules. Start explaining how to save money at the supermarket now, so they can be better buyers later in life.
Money Lesson 3: Start an allowance. Educate children about managing money by allowing them to handle some themselves.

If your child is 8 to 12 years old: Help preteens put their wants into perspective and grasp the value of money.

Money Lesson 1: Teach trade-offs. Just like some adults, kids can be clueless about how their spending choices affect their wallet.

Money lesson 2 : Up the ante. If kids are ready to manage more, raise their allowance. 

Money lesson 3 : Play budget games. Make learning to stick to a limit fun.

If your child is 13 to 18 years old: Help preteens put their wants into perspective and grasp the value of money.

Money Lesson 1: Encourage teens to work. If they make their own money, they will probably take their spending decisions far more seriously. 

Money Lesson 2: Open accounts. Show children how to safeguard their money.

Money Lesson 3: Save for the long haul. Help teens learn how to plan for the future.

Money Lesson 4: Teach modern tactics. Use technology to help kids find discounts.   

~Want to read more, this was just an over view? Then head over here and get more tips and tricks. By teaching our kids now how to be money smart we are helping the next generation not make the same mistakes we have done.


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