| These days, few parents actually take the time to | | | | they have, but be sure to explain your answers in a |
| teach their children about money. It's rare to find a child | | | | way that they can understand. |
| who really understands what it's like to earn a | | | | 3. Children love prizes, and you can use this to your |
| paycheck and use that money wisely. | | | | advantage in teaching them to save their money. |
| Thus, it's important for parents to explain the concept | | | | Open a savings account for each child, and let them |
| of saving money to their children. It will help them | | | | know that whoever saves the most money will get a |
| greatly in the long run if they understand how to save | | | | prize. |
| money and invest it wisely from a young age. | | | | 4. It's also very helpful to teach your children that |
| Here are a few tips for teaching your children about | | | | money isn't free and must be earned. Do this by |
| the basics of money management: | | | | paying them a small amount of money when they |
| 1. Once your children are able to count, you may want | | | | complete their chores. This will also help them learn to |
| to start explaining the concept behind money to them. | | | | budget their earnings. |
| They may not understand at first, so explain carefully | | | | Teaching your children about money at an early age is |
| and try to bring it up every day. Repetition helps | | | | a great idea, as it will help them understand these |
| children learn, and they will benefit from hearing the | | | | concepts sooner. Using the right teaching methods, |
| same information on a daily basis. | | | | including using proper timing and vocabulary, is |
| 2. You can use your own household's finances as a | | | | important in helping them to use their money |
| way of showing them that saving money to prepare | | | | responsibly as they grow older. |
| for the future is very important. Answer any questions | | | | |