As Crosby, Stills, Nash & Young sang so many years ago, “Teach your children well.” I’m sure we all agree with that sentiment. Teaching them manners, to study their schoolwork, to be nice to other people, and to be honorable is all good of course. But teaching them about money and how money works will give them a big advantage in life. Toward that end here are a few tips on when and how to teach your children about money and financing, including the use of games to help them learn what they should know in order to navigate through a complex financial world.
To begin with, start talking to your children about money when they are young. Even preschoolers can start to learn about the basics of money, such as the value of coins and bills, how to make purchases, and the importance of saving. As they get older, you can gradually introduce more complex financial concepts, such as budgeting, investing, and credit. When my four sons were young, my husband and I created a “chore” sheet. We listed chores, such as clear the dinner table, fill up the dishwasher, dust the cobwebs and put away their toys.
