Break the Cycle: Teach Your Children Money Management at an Early Age

When your children are young you teach them to read, write and tie their shoes: all fundamental tasks that remain with them throughout the entirety of their lives. Well, what if we teach our children money management at an early age?

Will they be better budgeters? Will they make wise decisions on purchases throughout their adult life? Well, we think it’s worth a shot!

Here are some easy, basic tips for teaching your children about money throughout their childhood.
1. Start with a Piggy Bank

As discussed in our article for the Huntington Patch we think it’s important to teach children how to save money at an early age. Start with a piggy bank for young children who are learning to count. Teach them the difference between coins and bills. Also check out Humble Saver’s tips on teaching saving to children

2. Allowances and Savings Accounts

When children are old enough for an allowance, move on to a savings account. Giving children responsibilities and an allowance teaches them the concept of earning money for work. Make regular deposits into the savings account so your child will learn that savings is an important part of life. Also encourage them to set savings goals!

3. Make Learning Fun

Play board games like Monopoly, Pay Day or L.I.F.E to teach children wise decision-making, budgeting and purchasing skills. Some online games can teach kids about finances as well. Check out these Wall Street Journal recommended games to help your children understand and enjoy learning about finances.

4. Get Creative

Allow your children to plan a family outing. Give them a modest budget and allow them to plan an entire day of activities; perhaps a trip to a museum, an aquarium or an amusement park. It will be a fun activity for the whole family while teaching your children the value of a dollar.

These are just a few ways to instill money management values to children as they grow up and begin making decisions. And hey, along the way, you just might learn something new too!

Also read our article for the Huntington Patch about discussing debt with children.
Leslie H. Tayne, Esq. founder of Tayne Law Group, P.C. (Formerly The Law Offices of Leslie H. Tayne, P.C.), assists consumers and individuals with the resolution of their unsecured debts. The firm’s flexible and well established policies and procedures have helped thousands of individuals lead a debt-free life. Law Offices of Leslie H. Tayne, P.C. has offices in Long Island, White Plains, Mount Kisco and New York City. For more information, call 1-631-470-8204 or visit www.attorney-newyork.com
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