Teaching your kids about money is an important part of parenting. Often times people graduate from high school, and even college, with little to no concept of how to save money, make investments or manage their taxes.
There are some people who say that parents should start teaching their kids about the importance of money as early as age two. The appropriate age for your child to learn about money is totally up to you, however, imparting financial knowledge to them is highly important and the sooner you share your knowledge with them the better off they will be.
Here are nine ways to teach your kids about money:
- Demonstrate the value of money.
- Talk to your kids about money.
- Stress the importance of curbing impulse purchases.
- Discuss big purchases with your kids.
- Encourage teens to get jobs and earn money.
- Help your children open a bank account.
- Show your kids how to map out a budget.
- Teach kids to use credit cards the right way.
- Introduce your kids to basic investing concepts.
Beyond Piggy Banks and Lemonade Stands: How To Teach Young Kids About Finance by Liz Frazier
If you are a parent and are not sure where to begin when it comes to teaching your kids about finances, then I have a PERFECT book for you!
Beyond Piggy Banks and Lemonade Stands is the perfect guide for parents who want to start instilling financial literacy skills in their kids. The best part is that if you are an overwhelmed parent like I am, well guess what–start with part 1 for “Tips for the Already Overwhelmed Parent!”(perfect timing and title for that chapter).
What I loved most about this book and Frazier’s tips, is that her concepts are broken down (like part 1 for instance with 2 subparts and mini or “bite-size” pieces) for parents to follow along and put into practice. Her advice is straight to the point and she doesn’t make parents who do not know the information already, feel guilty for not knowing.
It’s a teaching tool for parents and kids to go through and learn together (if they need it). Since we are the newest generation of parents, she is giving us a way to help guide our kids down the right path to *hopefully* avoid financial failure in the future!
Liz provides a great overview of the lessons in a fun away, which makes kids not realize they are learning an important life lesson. One of the biggest struggles in our household is getting the younger kids to understand needs vs. wants, but she has that covered as well!
I highly recommend checking out her YouTube channel and watching with your spouse! After reading Beyond Piggy Banks, my husband and I were able to watch one of her videos together and it opened up a great conversation between the two of us on what on to do with the kids!
Want to check the book out for yourself? You can order it here. Let me know what you think! Have you had the money talk with your kids?