Most people would agree that being money smart is an important life skill. Like most skills worth having, it is not usually gained overnight. The following guidelines can help you encourage your children to manage money well.
5 ways to raise money smart kids
1. Educate children from a young age
Build understanding of money and an appreciation of savings from a young age. Children who understand how to manage money, are much more likely to become financially savvy adults.
“Like many things starting early is the key because financial management is based on good habits,” says children’s money author Cathy McGuane.
Preschoolers can be introduced to basic money concepts. For example, some children enjoy role playing games where they can order and pay at an imaginary restaurant. Children can also be shown coins and dollar notes, which are often more easily understood that… Read the rest