Learning financial literacy is a big part of growing up, and while you can keep your children sheltered from this cold reality to an extent, you can actually do them a service by educating them with money tips as they get older. Here are a few helpful things you can teach them, categorized by their age.
When they’re anywhere from three to six years old, you can introduce the concept of money to them by giving them a basic piggy bank, where they can store coins that you give them. You can even grant them coins if they help out with easy tasks around the house.
As they begin to enter their youth, you can give them a bit more responsibility. You can give them a weekly allowance, and encourage them to save up for things they may want.
Once they reach high school, you can already set up a bank account for them that they can access on their own. Encourage them to get a part-time job, or perhaps a summer job so they can learn the value of earning money, getting a sneak peak into adult life.
As they pass the age of 18 and enter young adulthood, you can really get down to the nitty gritty of it all. Here’s where you should give them practical advice such as budgeting, loans, and long-term savings plans.