money talks

Family Finance 101

It’s also important to help your children gain money management skills. As parents how can we insure they learn the personal finance lessons they need before leaving home?

1. Start early - even very young children can learn age-appropriate financial lessons.
2. Wait until they’re in middle school to teach about money, so they know what you’re talking about.
3. Kids learn about money management at school, so you don’t have to be involved.

“A” is correct. When 2-3 year olds are faced with choosing which is worth more -- a penny, dime, or nickel -- they often choose the nickel, because of its size. If they can’t understand the value of money, help them learn the names of coins. Also use daily activities -- like when they ask for candy or toys -- to discuss the difference between needs and wants. Once they have money of their own, provide a place, like a piggybank, where they can keep it.