Family Finances: Teaching Kids About Money

It’s never too early to start learning about money! While young children won’t understand complicated financial jargon, they will certainly pick up on the actions and habits of the way their parents handle money. One of the best ways to teach good money habits in children is to establish a routine set of chores and a “salary” for those chores. When the child receives payment, that can be a great opportunity to help them establish the habit of “give, save, spend.” There are countless apps that can be used for that approach, but the old-fashioned envelope system works as well! On another level, research shows hat children who consistently perform chores have a higher self-esteem, display higher levels of discipline and responsibility as they age, and are able to delay gratification.

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Miranda Power