Teaching Your Children About Money

Teaching Your Children About Money

1. Start teaching your children at an early age. They are far more impressionable when they are younger.

2. Teach them in order to spend money; they must    earn money.

3. When your children start asking you to drive to the toy store to buy something they want, it’s a good time to consider giving them an allowance.

4. A good saving rule: 50% of any money they put in their piggy bank must stay in their bank.

5. Open a Share Account at the credit union for each of them to put the money they have saved.

6. Encourage your children around the age of 13 to think of different ways to earn money.

7. Teach your children the differences between needs, wants, and wishes. This will prepare them for making good spending decisions in the future.

8. Your child should have the right to mess up financially so they can learn from their mistakes.

9. There may come a time when you have to tell your children that the Bank of Mom & Dad is closed.