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How to talk to kids about money

Better Money Habits
Bank of America
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Better Money Habits
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Why it matters

Financial lessons in childhood can lay the foundation for money skills as an adult.

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Introduce money concepts as soon as your child can do basic addition and subtraction.

Start young

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Saving

Spending

Earning

Focus on basics

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To help your child grasp this idea, you could give them a weekly allowance or pay them for specific chores or achievements.

A good place to begin is by talking about earning

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wants: toys
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Wants

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needs: house, transportation, medicine
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Needs

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Once your child understands where money comes from, explain where it goes: First to things we need, then to things we want.

Next, tackle spending

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Ask your child what they’d buy if they had more money. Help set up a savings account or piggy bank and discuss how long they’ll need to save.

Then encourage saving

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Your child asks for a toy they’ve seen. How

should you respond? That depends on their

understanding of money concepts.

Look for teachable moments

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Help them with a plan to save for it

How will we pay for it?

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Show them how to shop for bargains

What's the best price?

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Discuss pros and cons of buying it

Want or need?

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Reinforce money lessons in everyday

activities. Compare prices, resist impulse

purchases. Your child learns from your actions as well as your words.

Remember, it’s a process

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How to talk to kids about their first debit card

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How to talk to kids about their first savings account

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