When should you start teaching your children about money?
Many parents simply take care of their family finances, but it is important to educate your children about money early on. You don’t want to wait until your children move out for them to realize that money doesn’t in fact grow on trees. It is incredibly important to start teaching your children about money at a young age so they can become financially responsible adults.
Even by the age of 4, your children understand that you use money to get things. Over time, they’ll understand that you work to get money and that money is used to pay for things like housing, food, necessities, and more. Allowances can be a useful tool for younger children to understand how to spend money without overspending. Once they get to be a teenager, it is important to have a talk with your child about savings, spending, and credit. Get them a debit card or add them as an authorized user on your credit card account. This will educate them to become financially savvy.
When it comes to money, the earlier your children learn, the better. In that way, they can enter the real world as financially responsible adults.
