Teaching Children About Finances

Much like other behavioral lessons, your actions speak louder than your words. Setting a good example by demonstrating the importance and skills involved in saving money is a good way to teach your child about finances. Here are some activities that you can get involved in with your child:

Make up games that reinforce the skills of saving like addition, subtraction and counting. You could try and set up a pretend bank with paper money and use spare change. This will make your child familiar with money and banking.

Share your home finances with your child. When you have to write a check for a class trip or the schoolbook sale, take some time out to explain to them where the money comes from and how it gets there. Make them aware that money does not grow on trees.

Give your child an allowance but encourage them to save some of it as well. Set some guidelines to teach them about saving. Have them give you a certain amount of it back every week and deposit in a savings account designated only for them. When the bank statement arrives in the mail, go over it with your child and show them how much money they have. This will really teach them responsibility.

Try picking a stock. Allow children who are older to select stocks of products they use frequently. Teach them how to follow the company symbol in the newspaper or online. It is never too early to introduce your teenager to the stock market.

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