How to Teach Your Kids About Money

If love makes the world go ’round, then money makes living in it a little bit easier.

It’s never too early to teach your kids good spending habits.

Here are 5 money lessons to teach your kids.

Introduce them to money. If they are only enough to count, they are old enough to teach the, basic concepts of money. Teach them the names of coins and dollar bills. Show them where you keep money, and interact with them when you pay for items with money.

Give them an allowance. Younger children should get smaller allowances (1-2 dollars a week), but as your child gets older, give him a bit more and encourage him to save for the things he wants to buy.

Lead by example. Take care of your own money, and your kids will see that you place a certain importance on money.

Show them how to save. Use a piggy bank to show them where to keep their money. When you go to the bank, bring them with you and explain this is where money goes to stay safe and grow.

Show them how they can make money. Give your kids an opportunity to earn money – either with chores, or by doing a special project. Teaching kids entrepreneurship at an early age can be fun and rewarding!

    Do you teach your kids about money? What money lessons have worked for you and your family?