Whenever you teach a child something, you also learn a lot about the subject yourself.
So, one way to learn more about money and saving is to help your own children learn about money.
The younger your children are, the easier it will be for them to accept what you’re teaching them. You can start teaching your children about money as young as age 4, and you should definitely be teaching them by age 12. By age 13, many children have already developed their own (usually poor) money habits that will be difficult to change.
The typical approach to teaching children about money is to dole out a small sum each week. However, this practice actually just teaches children how to spend, not how to save or make responsible financial choices.
Instead, consider giving your children more money less often, and let them make their own decisions about whether to spend this money or save it. The sooner your children learn how to handle money responsibly, the better prepared they will be when they are on their own.
“Money and You: Financial Literacy Program” is a program to help preschoolers through second grade learn about money basics, allowances, savings and responsible spending. It’s free and available here: http://www.modern-woodmen.org/MemberBenefits/YouthPrograms/YouthEducationalPrograms/Pages/FinancialLiteracyProgram.aspx
There are some excellent online resources that can help you teach your own children about money:
Kids and Money: www.moneyinstructor.com
Teaching Children Money Habits for Life: http://tinyurl.com/nn96sxl
Teach Your Children the Value of Money to: http://tinyurl.com/knm5swc
Money Savvy Generation: www.msgen.com
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