How should I develop/teach money management to children?
Are there any good resources or budget templates that will help our kids with managing money, etc? Thank you!
It depends on their ages.
When my son was in kindergarten, we played a game.
I gave him $2 in coins.
Then we put "prices" on things around the house with masking tape.
A book was 10 cents, a ball was 15, etc.
Dad was a quarter.
Then he had to "buy" things with the money.
He had to learn what coins made up each amount, and had to make choices since I purposely made sure that he didn’t have enough money to buy everything.
If they’re in second grade or so, you can give them an allowance.
They have to buy treats, put some in savings, give some to charity, etc. with their own money.
At about age 12, you can teach them about banking, credit, taxes, loans, balancing a checkbook, etc.
In high school, they get a job.
It depends on their ages.
When my son was in kindergarten, we played a game.
I gave him $2 in coins.
Then we put "prices" on things around the house with masking tape.
A book was 10 cents, a ball was 15, etc.
Dad was a quarter.
Then he had to "buy" things with the money.
He had to learn what coins made up each amount, and had to make choices since I purposely made sure that he didn’t have enough money to buy everything.
If they’re in second grade or so, you can give them an allowance.
They have to buy treats, put some in savings, give some to charity, etc. with their own money.
At about age 12, you can teach them about banking, credit, taxes, loans, balancing a checkbook, etc.
In high school, they get a job.
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