FIVE WAYS TO TEACH YOUNG CHILDREN ABOUT MONEY
BY SHAVON BROWN-ROBINSON
There are so many facets of parenting that can send you into a tailspin of “Am I doing this right?” From potty training, manners and discipline to driving lessons, we are always preparing our children for the future. A big part of parenting is teaching your kids to survive as adults. Parents are their children's most important influences. However, many parents aren’t sure how to teach their kids about one of the most important lessons they’ll need. They don’t teach them about money.
As important as these skills are, they aren’t taught in schools. A lot of us don’t start to learn about money until we get our first real job, and by then it’s just a lot of trial and error. Assuming you want to help your kids turn into financially fluent adults (and hopefully one day move out) you’re going to need to do some homeschooling. Here are a few steps to get you on the road to raising fiscally responsible kids.
1. Start Young- children as young as three can start simple concepts. As soon as your kids are old enough to desire things like books, toys, and candy you can start teaching them about money. Talk to them about how you get money (mine thought it came from the ATM). Let them know you work hard to earn money. Explain to your child about the concept of wants vs. needs. Teach them needs are things we need in order to survive while wants are things we would like to have. Talk to your child about what you spend money on, such as a car, cable, housing and food and have them tell you whether these are wants or needs.