Teach Kids About Money And Saving – The 10 Vital Lessons Your Child Must Learn!
Your 5-year-old daughter has started asking for money to buy sweets and toys. She obviously has a good understanding of the concept of exchanging money for items she wants or needs, but what are the important lessons you should teach kids about money and saving. You want to make sure that she doesn’t grow up into one of those kids that are constantly pestering mom and dad for money, running up credit card debts as a teenager, and not having any idea how to save.
There are 10 basic money skills that every child should learn before they enter the teenage years. It’s never too late to learn, but most children are far more receptive to ideas from their parents before they hit the age of thirteen, than after.
1. Money doesn’t grow on trees! One of the best known and oldest quotes around. It is important that children understand from early on that money is a limited resource, that mom & dad’s bank account will eventually run dry if they keep making withdrawals from it.
2. People go to work to earn money. Money is something that needs to be...
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