How to talk to kids about money
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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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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
Needs
Learn more about budgeting
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?
Show them how to shop for bargains
What's the best price?
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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