When and How to Teach Kids About Money Management
When and How to Teach Kids About Money Management Skip to content
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By David Bakke Date September 14, 2021FEATURED PROMOTION
A topic that I’ve seen written about quite a bit lately is the proper time to start teaching your children about money. And frankly, some of the advice I’ve read borders on the ridiculous. I have actually heard some people claim that you should start teaching your children about money as early as age 2! That seems to me like overkill. I doubt that a child of that age can even process whatever you might be teaching them, let alone retain it. Here’s what I’ve learned as parent about kids and money.Let Kids Be Kids
My son just turned 4, and it is very important to me that he grows up with the proper perspective on money and good financial habits, such as saving. But I have yet to have any kind of serious conversation with him about the right way to handle money. Why? Because he’s 4 years old! Childhood is a special time, and for the most part, it should be filled with fun. Certainly learning plays a major role in childhood, and there are good financial lessons to teach kids about money, but there’s just no point spending much time with toddlers talking about money.Teach Them through Your Actions
However, just because I’ve yet to specifically discuss money with my son does not mean that I haven’t started teaching him good habits. I do it through my actions. Children learn a lot more from the actions of the adults in their lives than most people realize. I think my son understands, or is at least absorbing, what I am doing when we are out shopping and I am choosy about what I buy based on the price. He especially likes it when I announce, “OK, now that I saved some money on that, we can go get you a new toy!” Those kinds of lessons speak volumes. Teaching kids about money is especially important if you’re going through tough financial times.Motley Fool Stock Advisor recommendations have an average return of 397%. For $79 (or just $1.52 per week), join more than 1 million members and don't miss their upcoming stock picks. 30 day money-back guarantee. Sign Up Now