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Dec 07, 2021 · Teaching your kids about money management takes time and patience, but as a parent, it’s your job to help prepare them. For parents with joint custody, it’s important to be on the same page with financial literacy, so you don’t send mixed messages to your kids. There are several ways you can teach money management and keep lessons consistent
Children start counting at around age 3 so that’s when some parents start teaching their kids about money. They won’t understand everything, but at 4 or 5 you can help your children understand that different types of money have different values. Show them how a quarter is worth more than 10 pennies, and how to add these coins together.
Apr 15, 2022 · Another effective way to teach kids about money is by shopping together and showing them the receipts for the amount you paid. This can be done as early as their preschool years, so be sure to do this over and over until it becomes a habit with them. Some parents start their money-teaching strategies as early as 4 years or even younger.
Young kids often actually feel you’re teaching them something very ‘grown-up’ when you talk about money. Older teens think you’re nagging. These basic principles aren’t going to change, so the earlier your kids start to absorb them and practice them, the better chance they have of financial security in the future. Karen Banes