Talking about money, especially in times of a family budget crunch, is an opportunity to teach kids lessons that can last a lifetime.
As regional director of Self -Help Credit Union, Tamara Stanley understands the importance of financial literacy. Stanley is a mom of two and in her household those lessons started early, so she helped us develop an age-by-age guide to talking with kids about money.
Preschool
Preschoolers are just beginning to learn the concept of money. You can help them learn both through pretend play (grocery store, play money, etc.) and in more tangible ways like using a piggy bank to save for a special toy. When her children were 3 and 5 years old, Stanley set up her own system to help them learn a little about saving and spending. She created a system of chores and attached a salary to each chore. She paid the kids with pretend money and allowed them to use that money to buy snack food.
“They need to understand that you have to work for it!” she said.
Elementary School
As children enter elementary school, you can expand on the lessons of saving and spending by setting goals and saving…