While children learn about English, math and science, many aren’t being taught basic life skills like cooking, cleaning, or even managing finances. It’s important for children to understand financial skills, including how to create a budget, calculate a tip, and how taxes work. Here are five money tips to get your kids started on the right financial path:

Needs vs. Wants. Kids must prioritize their wants and needs. It’s important to differentiate between what they require for survival (water, shelter, clothing) and what they desire to have (digital devices). This will allow them to become more conscious of how they spend their money. When you’re shopping together, use real-life applications and examples.

Budget. Sit down with your child and show them your electricity bill. Explain how you have to set aside money for specific taxes. Teach your kids how to budget their money so they learn how far their money will actually go. Use a budget chart which will give your child a visual hands-on experience. 

Saving and investing. It’s never too early to start learning how to save money. Saving early can come in handy in cases of emergencies, saving for college, and investing in their retirement. Use apps like iAllowance or Savings Spree that help keep an account of their money and accruing interest. Discuss the long-term effects of acquiring debt. 

Credit and debit cards. Explain to your child the digitized way of keeping money. Be sure they understand the differences between debit and credit cards, how ATMs dispense money, and that credit cards charge interest and require you to make monthly payments.

Bargain shop. Teach your child the value of using coupons. Check grocery or retail stores to see who has the best prices. Now that many platforms are digital, it’s simple to compare costs and find the best deals online. When shopping, make a list (and stick to it) to help keep you from purchasing unnecessary items. This will teach children to think before buying. 

Source: Personal Finance Guide

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