You may think your kids are too young to learn money management skills, but the truth is that they're learning by watching you and seeing how you deal with cash, checks and credit cards. Take advantage of kids' built-in curiosity and you'll give them money advice that will serve them throughout their lives.
Toddlers may not be able to understand money, but they can certainly understand "stuff." By the age of two the "gimmees" have probably already started. Instead of seeing these requests for toys and candy as a battle, see them as a chance to teach. Saying no to some of these requests shows toddlers that they can't always have what they want-a very valuable money lesson indeed. You can also try introducing the concept of "later" by telling toddlers that they can't have what they want now, but they can have it in the future. This sets the stage for lessons on the importance of saving for big goals when your child is older.
By the time children reach preschool age, you can be sure they know what money is and recognize that it's worth having. This is a great age to teach your child about how money is earned and how it is spent.
By the time children enter elementary school, their understanding of money is fairly sophisticated. Kids at this age can probably count money and understand how to add and subtract money as well. This is the time to teach your child about how hard money is to come by.
By middle school, children know exactly how money is earned and spent, but they probably don't fully understand how hard it is to earn or how quickly it can disappear.
High schoolers know a lot about money-mainly that they'd prefer to spend yours instead of their own. Now is the time to fine-tune your child's money knowledge and to teach principles of saving and investing.
Here are some money management games for teens that will help them learn the tricks while having fun.
Need help learning how to make a kids' allowance chart? You'll need to decide if the allowance is tied to chores, what the kids must pay for out of their allowance and how you want the chores to get finished.
As long as there's a company trying to peddle its wares, junk mail will continue to clutter up our mailboxes and our lives.