Six major categories: earning money, goal setting, budgeting, saving and investing, using credit wisely and protecting what has been accumulated.
- Once children can talk in sentences, parents can begin to teach the concepts of earning, spending and saving to their children.
- Can have piggy bank
- Can begin paying children for chores
- Show and tell with money (pennies, dimes, quarters, etc.)
- Garage sale/pretend garage sale
- When shopping, show children prices of things they want to buy
- Give money-related toys like play cash registers and play money
- Explain about borrowing money and sharing money
- Explain the connection between working and earning money
- Talk about financial goals (saving for a new toy)
- Set up savings account at bank
- Set up a savings match plan similar to a 401(k) plan
- Teach about play checks
- Play games that reinforce financial concepts
Middle School/Junior High
- Continue allowance
- Open first checking account
- Learn about investing
- Consider pre-paid credit card to learn about credit
- Explain dangers of credit cards
- Teach about online bill paying
Sources: Ms. Money.com, NEFE
Brought to you by Texas Society of Certified Public Accountants.