Help Your Kids Understand Personal Finances
While Financial Capability Month reminds us all that we could do a little bit more to be in charge of our finances, it is also a good time to talk to your kids about how they too can begin to understand finances and how it affects your family. Kids.gov has smart money sections for kids of all ages, and tips for parents and teachers on how to teach kids about understanding money.
Useful tips include:
Get your kids to write down where they spend their money or allowance so they can see how it adds up
Talk to your kids about “used” versus “new” and how borrowing a book from the library, or a game from a friend, is smarter than buying something new every time
Teach your kids to take good care of their games, books, DVDs and other purchases because it costs money to replace these items
Kids.gov also has a series of comic strips to teach younger and older children about how they can help their parents save money. Children can follow along in a fun and engaging way to learn simple tips such as turning off lights or helping clip coupons to help save money in the long run.