Teach Your Children About Money Matters

November 29th, 2006

In today’s world of intense advertising and instant self-gratification it is more important than ever to teach our children about money. Janet Bodner, author of “Raising a Money Smart Kid” states that “Study after study shows that kids learn most of what they know from their parents. So what do kids know? Where do Mom and Dad get their money from anyway? Most children are not aware of the concepts of paycheck, bank balance, wise budgeting and saving”. Use these basic tips to teach your child that money really does matter.

Younger children need to first understand the dollars and cents about money. Most children learn the basic math concepts in the second or third grade. Parents can reinforce this by playing games at home with money. Setting up a play store and pretending to buy items from your child using real or play money can be great fun and an effective teaching tool. Online games are also available for children to learn the basics of dollars and cents.

As children grow older they can be included in the family budgeting process.

Teaching your child about money is not always easy, but it is needed more than ever. Sending a child out into the world without teaching them about money is a recipe for disaster. Help your children to be money smart. Visit childnparent.com and get more on teaching children money matters and other useful parenting tips.
By Debby Hoffer

Entry Filed under: Parenting Tips