I stand by teaching kids about money when they are only a few years old as it will develop their minds to become great with money management and know what money can do for them. Financial literacy for kids is critical these days and if we as parents or guardians can do all we can to educate them on good money management for kids, we are preparing them especially if another financial crisis hits our economy and that they will be well prepared.
You may be thinking, how do you go about teaching money to children? You yourself may not have a strong financial background or have any idea or how to teach kids about money. The greatest role-models that kids can have is their parents. For your kids to start to learn about money then, you will have to start learning about money as well. Today is the best time to learn about this topic and then using this information for teaching kids about money.
Where do you begin? The information highway that we call the internet is a great way to begin start to learn about teaching money to children. Books, magazines and radio programs that focus on money is also a good start. When teaching kids about money, try to do it in simple terms so they understand, don't make it too complex. Subjects that for could search for may include budgeting for kids, saving money, earning money and how much allowances to give to your child. More complex and advanced topics could include how the economy works and how to invest wisely to receive maximum returns.
Plan how you are going to do this but make sure you make it fun for them, something they look forward to. The way your child looks at money depends on how you teach them now and also the way you teach them in the coming years.