Three Easy Rules to Teach Kids About Money

Efforts to teach kids about money can often be a difficult and touchy situation. However, educating your children about handling their personal finances is something you need to get a jump on – sooner rather than later. The great thing is that talking to your children about money has proven benefits; T. Rowe Price’s 2014 Parents, Kids & Money Survey showed that children whose parents talked to them about money were more likely to save for college on their own, identify themselves as “savers”, and have more confidence in their financial abilities.[1] Here are three easy rules to follow when it comes to introducing and talking to your kids about money. 1. Start the “money” conversation today.

Coins, Bills and Cash: Teaching Kids about Money

When teaching kids about money, at what age do you begin directly introducing your child to tangible money? In my survey of financial education literature, I found that the average age recommended was two or three years old—in other words, when your toddler is old enough not to try to eat the quarter you hand her. Simply giving your child a few coins to play with may seems a little odd, but the article “Helping Kids Play Dough” by Gayle Ronan recommends giving toddlers coins to place in jars and shake, producing fun sounds. This kind of tactile interaction with money lays a subconscious foundation, associating money with positivity and fun in the developing mind. You could also let your chil

Basics of Allowance Banking: Money Saving Advice for Children

When it comes to handing over the cash, most experts say to pay the children with tangible money. This makes the concept of accumulation easy to grasp, particularly if you use transparent jars to store their money. In some of my research, people used envelopes, while others used software systems. In my own home we have piggy banks that the children have each decorated based on the goal for the bank – the Give piggy has a cross for church, the Save has a bank on it, and the Spend has candy and toys. Customizing your own money saving advice it makes it more real for children, and helps them remember where that money is headed. If you’re looking for a more modern solution, a variety of technolo

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