How to Teach Your Kids Money Management Skills

It’s never too early to start teaching your children positive money management habits. Turning your day-to-day activities into lessons and taking small steps now can lead to lasting memories and a lifelong skillset. These 6 tips will help show you how to make sure your kids have the head start they need to maintain a well-balanced budget and successful money management.

How to Teach Younger Children About Money

1. 1. Use a Piggy Bank

Write down every time they put money into it and show them how much it is growing. Be enthusiastic every time they do put money in.

1. 2. Set a Good Example

Little eyes are always watching you. If you’re throwing money every time you’re out they will notice. They’ll be much more likely to do the same when they’re older.

1. 3. Introduce Spending

Kids love going to the store and buying new things. Have them take their own money and hand it to the cashier. This experience will help them to understand spending.

How to Teach Teenagers About Money

1. 1. Saving for College

It’s never too early to start saving for college. If they have a part-time job have them toss a little bit of that money towards college savings.

1. 2. Implementing a Simple Budget

It is very important no matter their income that they get into the habit of budgeting their money properly. Check out our 2019 Budget Binder.

1. 3. Limiting impulse buys

Teach your kids contentment and to not worry if they have the fancy things. Teens see highlight reels of people’s lives on social media all the time. Make sure they know that their belongings are just as valuable and get the job done.

Making sure your children or teenagers develop good money management skills is going to take time on your part. However, it will have a lasting impact on how they earn and treat their money in the future. Spending time to make sure they learn the right way will be worth it in the end.

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