Best Financial Tips to Teach your Kids

Published on January 6, 2017

Top 15 Financial Tips to Teach Kids

Children are our future and what better gift can we give than the gift of financial literacy. Children need to understand the basics and develop a positive relationship with money:

1. Parental involvement is key in children’s financial success
2. Teach children the value of money, how to earn and how to budget
3. Do not spoil your children regardless of your income
4. Do not pay for whining or crying children
5. Do not always say no!
6. Discuss your family budget openly and often
7. Open a bank account for your child
8. Develop the idea of quality over quantity
9. Develop the notion that you can’t always get what you want
10. Teach young children how to count change, introduce and explain tax
11. Have a family discussion about allowance
12. Teach the “Pay Yourself First” lesson or let them read: The Wealthy Barber
13. Introduce the idea of Good vs. Bad spending
14. Discuss the true nature of Credit Cards: Pros and Cons
15. Finally, introduce the idea of charity and why people give to others

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