Financial Responsibility
The Basics
There are many daily, built-in opportunities to teach children about money.
Think about your values when teaching kids about money. Some things you can say to begin the learning process:
“When I (or spouse) work, my company sends my money to the bank.”
“When I go to the bank, the money my company paid me for my work is there.”
“I make a grocery list so I buy just what we need to have.”
“The coupons I use save us about $20 a month.”
“We send money to pay for our house, our car, and to heat our home.”
Kids are curious, and these messages really sink in. They start learning early about the relationship between work and money, and intentionally spending and saving it. Without these messages, they can easily gain the impression that the ATM is a magic machine with an endless money supply.
Let your child know you save money for long-term goals like vacations. Bring him to the bank with you. Establish an account for him while you’re there.
If he wants to use some of the money for something he’s saving for, weigh your reaction, knowing that if he doesn’t get to use the money, he may not want to keep saving.
Introduce your child to savings bonds and teach her how interest works. (Visit Moonjar for more information and a Savings Calculator.)
