Tools for Teaching Kids about Money

Money tool for children 7 and under: while there is nothing more cliché than a piggy bank, there is also nothing more effective. It gives your child a physical representation of their net worth.

Money tool for children 8-13: your child must understand earnings, cost, inventory, marketing and discipline. The best tool to accomplish this is a lemonade stand. Children as young as three years old can benefit from a lemonade stand, but you will see the entrepreneurial spirit kick in when your child is about eight years old.

Money tool for children 14 and over: a cell phone, when properly administered by a parent, can be the perfect tool to teach teens about budgeting. Your teen will learn to budget both time and money if you allow them to.

Use these tips to teach your kids about money. It’s not easy, but it’s important. Make sure your own personal habits and actions don’t sidetrack their learning.

More information on teaching children about money:

One Day is Today
Tips for Teaching Kids About Money guide
Video: Teaching Kids about Money