Money is an extremely exciting concept as a child. Early on, children learn that money is what gets you candy, toys, clothes, and so much more. It’s fun and it can be shiny! But kids need to learn how to properly manage money, too.
The earlier your kids start learning about money, savings, and investments, the better choices they will make later in life. An essential skill that comes from learning budgeting is responsibility. A simple start can involve saving coins and spare cash in a clear jar. Piggy banks are a great idea, but they easily become “out of sight, out of mind.” When using a clear jar or bank, kids are able to have a better visual of their savings to actually see how money grows.
Additionally, try to set a good example. Every corner you turn, little eyes are watching you. Talk to your spouse about how to set a healthy example for your kids. Perhaps that involves including them in your budget discussions and talking about how much day-to-day costs add up, or maybe it’s avoiding impulse buys at the grocery store.