It’s important to teach your kids about the concept of money but you may be wondering when is the best time to introduce certain topics. Here is a basic list of which age group you should be introducing basic financial subjects.
PRESCHOOL AGE
- Introducing the concept of money
- Teaching how to differentiate between coins
- Use imaginative play to demonstrate exchanging money for goods
KINDERGARTEN AGE
- Use real world examples, such as the cost of a toy
- Small opportunities to earn money
- Start a savings account
ELEMENTARY SCHOOL AGE
- Teach about needs vs. wants
- Continue to encourage saving – make it visual
- Chore structure to earn money (bigger chore = more earned)
- Shopping with coupons and comparison shopping
MIDDLE SCHOOL AGE
- Introduce simple budgeting concepts
- Include in some money decisions
- Allow small mistakes and use them to teach
- Encourage small jobs (babysitting, lawn mowing, etc.)
HIGH SCHOOL AGE
- Importance of and how to build credit
- Saving for the future
- Being responsible with credit card usage
- Getting their first ‘real job’