Helping Kids to Become Money Savvy

When you are trying to ensure that your kids understand money, you will find that there are a lot of ways in which you can make it easier on yourself. How do you know that, whatever you are doing, that it makes the most sense in regards to how you want to get everything done? Here are some tips that you can utilize in order to make the process more fun for you and your child(ren) in the long run.

  1. For little ones- Make it fun. Money isn’t always a fun thing for you to get involved with, but if you’re willing to take the time to help them get used to handing money to people and to learn how to make change, you can do your best in order to try and make it a fun game for them to use in learning.
  2. For Tweens- Give them an allowance. If you are a little nervous about allowances, then pay your kids per chore that they do – it will help you keep track of what is going on more easily. No matter how you go about it, help them learn how to make a budget that is based on their allowance in the first place, and then they can have a much easier time ensuring that they are going to keep up with their budget as they grow older.
  3. For Teens- Show them credit early on. The pre-paid debit options that are available have made it that much easier for parents to be able to go ahead and work out the details that can help teens know how to budget. These will help teach your teen to keep cash on their person, to keep track of how much they have left on the card, and when is an appropriate time to use it.