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Funding your Future: Teaching kids about money

Posted at 1:42 PM, Jun 24, 2020
and last updated 2020-06-24 15:42:47-04

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. David Sant with Cyprus Credit Union shares the following list of which financial subjects are appropriate introduce to each age group.

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` job

Find more helpful suggestions at cypruscu.com.