Introducing your children to the responsible use of money can start as early as preschool. A very young child can learn to put coins in a piggy bank. Teach them to tell the difference between a penny, nickel, dime and quarter. Explain how your money comes from the work you do.
Start an allowance
Depending on a child’s maturity and level of interest, set up a small payment for their regular help with certain chores. They’ll learn to associate money with effort. Enthusiastically reward them for saving money. Consider matching the amount they’ve saved.
Help teens be money-savvy
Teach them how to use and keep track of a bank account, handle credit cards responsibly, and avoid the perils of debt. Many teenagers don’t understand that credit cards are a form of borrowing, and that interest owed can accumulate quickly. Encourage them to work part-time if their schedule allows.