WHY DO KIDS NEED TO LEARN ABOUT MONEY?
Kids need to learn about money in order to become responsible adults. This includes understanding how to save, spend wisely, and avoid debt.
Take a look at some of the activities you can involve your kids in to help them to learn more about money.
HOW TO TEACH YOUR CHILDREN ABOUT MONEY
It’s important for kids to learn about money because it helps them make smart decisions when spending their hard-earned cash. They should also learn about budgeting so they can plan out their expenses and set aside some savings each month.
01
Learn about Savings Accounts
A savings account is one of the easiest ways to save money. You deposit money into a savings account, and then you earn interest on that money while it sits there. This means that every year, you will receive more money than you put in. Help your kids to learn the value of savings by setting up a youth savings account with your bank.
02
Find out more about Investing
There are different types of investments, such as stocks, bonds, mutual funds, and real estate. These investments can provide returns based on the performance of companies, governments, or other entities. Get your kids involved in investing from a young age.
03
Know about Credit Cards
A credit card is a form of payment used by consumers to make purchases. It’s also known as a charge card because it charges interest on any unpaid balance. You can use a credit card to buy things online, at stores, and even with friends and family. You can teach your kids about credit by setting up a credit line at home where they borrrow money from you, pay interest and pay it back in installments.
04
PLAY GAMES that involve money
Playing games such as Monopoly can help kids learn how to save, invest and spend their money. Learning how to strategize with money is an important life skill that kids will remember long after the games are done.
05
Learn about Banking.
Banks offer different kinds of accounts for people who need to keep track of their spending. They might offer checking accounts, savings accounts, and other types of accounts. Usually, children will only have access to a savings account, however, it is useful for them to understand the benefits and costs associated with each account type.
START TEACHING YOUR KIDS ABOUT FINANCIAL LITERACY TODAY
There are so many ways to engage your kids in financial literacy to help them learn about money. Follow along for more useful tips, comments and guides.
