Preschool – Skills to Teach
- Identify coins and bills; learn what each is worth.
- Understand that you can't buy everything; choices are necessary.
- Save money in a piggy bank.
Grade School – Skills to Teach
- Read price tags; learn comparison shopping.
- Do money arithmetic; make change.
- Manage an allowance; use it to pay for some of child's own purchases.
- Open a savings account and learn about interest.
- Participate in family financial discussions about major purchases, vacation choices, etc.
Teens – Skills to Teach
- Work to earn money.
- Budget for larger purchases.
- Learn to use a checking account.
- Learn about investing – stocks, mutual funds, CDs, IRAs, etc.
- Share in financial planning (and saving) for college.
College/Young Adult – Skills to Teach
- Learn about borrowing money (interest, default, etc.).
- Use credit card judiciously.
- Participate in family estate planning discussions.
Knowing about money – how to earn it, use it, invest it, and share it – is a critical life skill. It's never too early to start teaching your children about financial matters.