Money Basics for Kids and Teens
Putting kids on the road to financial independence
From preschoolers to teenagers, learning about money is an important part of every kid's life. And you're in the best position to be both counselor and coach.
Whether you're raising an entrepreneur, a concert pianist, a teacher or a second baseman, giving your child a solid foundation in money basics and money values now can help them become financially savvy adults. You can start with these important topics:
Rules of the road for every age
For many families, talking about money can be uncomfortable at best. Need a hand getting started? Here are some guidelines to make teaching money skills easy for you and rewarding for everyone in your family:
- Make money conversations a part of everyday life. On a trip to the store or while planning a family vacation, talk about how you budget and save.
- Set a good example. Friends and media have a lot of influence on kids, but when it comes right down to it, what they see you do is probably the most important influence of all.
- Use age-appropriate activities. Consider your child's age and maturity. No two kids are alike—nor are their approaches to money.
- Talk to girls and boys in the same way. They need to learn the same lessons about spending, saving, borrowing and investing.
- Try to be open about family finances. Find areas where you'd be comfortable involving kids in family financial decisions.
You don't have to be a financial whiz to teach kids about money. The lessons of your own life—your values and what shaped your personal approach to finances—can be a great foundation for helping a young person make good financial decisions.