teaching kids about finances
TRANSCRIPT
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Kids are exposed to money early, often before they can count.
As soon as your children begin handling money, start teaching
them to use it wisely
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Allowances are useful to
begin teaching about money
Set parameters
o What they get for what action
o Show how to save it
Make it a routine
o Think “Pay Day”
o Consider “Raises” for good
actions or behavior
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TV and peer pressure skews
our buying decisions. Teach
to compare price and quality.
Explain the cost of items
o Compare quality vs cost
o Name brand vs generic
Big Ticket vs Impulse
o Encourage saving up for
bigger / nicer items
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Learning to track savings and
spending creates ownership.
System to track money
o Diary, log book, notebook
Wants vs needs
o Explain the difference
o Categorize current spending
Set Goals
o Short and long term
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Children at all ages can learn
financial skills.
Younger children
o Piggy banks (saving)
o Grocery store costs
o Money is not free
Older children
o Quality vs Cost
o Impulse vs Saving
o Learn from mistakes
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