Anytime is the right time to begin teaching your children about money. Here are some tips that can help parents teach money at home.
- Talk openly about money with your kids and communicate your values and experiences with money. Encourage them to ask questions.
- Explain the difference between needs and wants, the value in saving and budgeting and the consequences of not doing so.
- Set up a chore chart and give your children an allowance for completing their tasks. Require them to save at least a small portion each week. The three jars method, one for spending, one for saving and one for charitable contributions is a good way to impart a sense of responsibility.
- Open up a Little Tigers savings account at your at Citizens Bank & Trust Co. for your children. Bring them with you to make deposits. Have them cash in their change from their piggy bank and deposit it into their savings account.
- Teach them that they may have to wait to buy something they want. Have your child set a goal to buy a toy or treat. Every time they add money to their piggy bank or savings account, help them count how much money they have and how much more they will need to purchase their toy or treat.