Teaching Kids About Money
Teaching
Kids about Money is becoming one of parent’s main responsibilities, and is necessary for the child’s financial success in the real world.
In today’s world kids have access to more money than ever. It is therefore very important for parents to teach their teens how to use their money wisely and to be smart about where their money goes.
Your children should learn the importance of financial planning long before they are out on their own, where a mistake could lead them into money troubles.
Teens love to learn about money, especially when they are helped by the parents and get involved in family budget matters. Here are a few parental resources for teaching children about money and financial responsibility:
Experts differ on what they believe to be minimum age parents should start teaching kids about money. Whatever age you choose to start, you need to set up goals according to your child’s age. Here are invaluable guidelines on Money Management for Kids – Goals by Age.
Money Management Games offer a fun way to teach kids about money. Your kids learn about money and money management while having a great time.
When given control of the money that is used for their expenses, teens learn financial responsibility and are better prepared when they are out on their own. This article deals with how to Instill Teenagers Money Management Using an Allowance.
Piggy banks are fine, but Kids Bank Accounts are better as your children’s first step into financial freedom. Most banks offer kids savings accounts, complete with monthly statements and cash cards.
How to teach your teen money management at an era in which a click on a banner can result in an expense of few hundred dollars per month? How to run the business called ‘family’?