Do you ever worry that your children might become irresponsible with money? Here are a few tips from our friends at Mega Dice to make sure that your kids learn how to save money and properly manage their money when they are older.
- The earlier the better when it comes to teaching your children about money. Young kids are likely to misunderstand where money comes from or how it is earned, that is, unless they are taught differently.
- “Once they learn how money works, children often display an instinctive conservatism.” Learning the difficulty it takes to earn money, let alone save it can be hard for kids, but once they understand it they embrace it.
- It’s best to start teaching your kids before they become teenagers and are less likely to listen to your “sage advice.” Teens will become resistant to your suggestions regarding money, so it’s best for them to learn early on the importance of money management.
- Giving kids an allowance in exchange for their work around the house can be a great tool to teach them how to save money and spend money wisely.
- Don’t shy away from teaching your kids how to invest their money. Start small and explain along the way!
There are so many great ways to educate your children on how to save, live frugally and spend money with consideration. These are just a few things to keep in mind when thinking about money management for your kids!
For more info, visit CNN Money.