10.7.19

Simple ways to start teaching kids about money

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It's time to open a youth account

Get your child started on the path to understanding finance with a youth account at Consumers.

Click here to get started now!

When it comes to teaching kids about money, parents are the first and most important teachers. Personal finance can be a difficult subject to discuss, especially with those so young. However, avoiding the subject doesn’t set children up with the tools they need to succeed. How should you introduce finance to your child?

We’ve got a few ideas and expert resources for you!

  1. Open a Youth Savings account. One of the easiest ways to teach a child about the meaning of money is to give them their own account. With a parent or guardian present, they can make deposits and withdraws and keep track of their cash. Once they start comparing how much that new toy costs and the balance in their account, they’ll start learning about the meaning of money! (Did we mention they get to pick out a piggybank?)
  2. The Balance has 14 foolproof steps on introducing financing to young ones. Some are age dependent, but we don’t think it’s ever too early to teach your kids about taxes. No need to show them your 1040 with Schedule C and K … you don’t want to scare them!
  3. Parents.com has tips sorted by age brackets. They suggest you can start teaching your children as early as two years old. But don’t think your child is ever too old to discuss the subject—even if your kiddo is 15 years old, it’s not too late to get started!
  4. Dave Ramsey throws out 15 fantastic ideas to help you out. Our favorite is to teach your children contentment. You won’t purchase the newest and the shiniest if you’re happy with what you have!

Many parents think school will teach financial responsibility, but this isn’t always true. Financial education begins at home! We’re always here to help you out, and we’d be happy to speak with you and your child about the meaning of money. However you do it, now is the time to talk about money matters with your kids!

Federally insured by NCUA.

It's time to open a youth account

Get your child started on the path to understanding finance with a youth account at Consumers.

Click here to get started now!

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    Monemonkey.com says:

    Once someone has a comprehensive understanding of the way personal finance works, they’ll have the confidence to make bolder moves when they’re older. Even Warren Buffett teaches children  about the connection between financial literacy and starting a business. And he’s admitted that kids today know more than he did growing up.

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