Talking About Money With Your Kids
Teaching kids about basic money management at an early age is essential for good spending and saving habits that will last a lifetime. As a parent, you can teach your child valuable financial lessons to give them a head start in life and help them grow into financially responsible adults. Here are some age-appropriate financial tips to help teach your kids about money.
Age 2-4: Playing is Teaching
At this age, you can work money concepts into your child’s imaginary games by setting up a pretend store or restaurant. Use this as an opportunity to show them how they can exchange money for goods and services. Introduce them to cash and coins and help them understand the difference between the values.
Age 5-10: Savings Accounts, Allowances, and Goal Setting
As children get older, you can begin to teach them how to make decisions about money or how to spend their allowance. This is a great time to learn about the concept of saving by getting them a saving account where they can make regular deposits and have them involved in goal-setting and more adult financial decision-making.
Age 11-14: Responsible Spending
Kids will learn to consider their spending options more carefully if they are spending the money they have earned. Encourage them to earn their own money through simple jobs around the neighborhood and let them make decisions on it when differentiating between needs and wants.
Age 15-18: First Jobs and the Long Term
By the time they leave for college or get into the workforce, they should have a solid concept of how money works. Continue having financial conversations with them even as they get older.
Giving your children a solid financial education will benefit them throughout their life. Your local Bragg Mutual Federal Credit Union branch can help by introducing them to their first bank accounts.
Trust Bragg Mutual Federal Credit Union to save you money and make you money. For more information about our services and everything you need to know about opening a savings account with us, please visit braggmutual.org or call 910-222-1500.
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