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Teaching Your Kids About Money

Posted at 2:09 PM, Aug 20, 2021
and last updated 2021-08-26 12:59:48-04

Many parents feel their kids are too young to understand basic money principles but believe it or not, children can grasp basic concepts as early as age 3, and by age 7, they have established many of their financial habits.

Teaching basic principles such as earning, spending, and saving early helps create a healthy relationship with money and establish strong financial habits.

Brittani Forbush with Mountain America Credit Union shared some ideas to help talk to your kids about money:

· Teach kids how to budget and save by distinguishing between wants and needs.

· You can create jobs around the house with an assigned dollar amount.

· Create “I.O.U.” agreements to loan your child money and then set a repayment schedule to help your children learn how to responsibly borrow money early on.

· Banzai app - experience real-world financial education in a fun and safe way. Sign up for your free account on macu.com/Banzai.

Mountain America provides free financial education offerings for all ages, including webinars, podcasts and more.