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Tips for Teaching your Child about Money
 
It's never too early to teach kids about money. 

As a parent or grandparent, you can begin establishing key fiscal skills, such as saving, with younger grade-schoolers. As children get older, they can start learning to make some complex decisions about money, such as deciding how to spend their allowance or how the family might budget for vacation activities.


 

Here are 5 smart tips that will help you communicate more effectively with your child about money, ensuring your message hits home and sticks.

Make it personal
Share your own experiences with money, including your mistakes. If you've opened an educational savings plan for your child, explain why and encourage a feeling of ownership and responsibility for building the account.

Make it involving
Whether you're grocery shopping, paying bills or revising the family budget, give your child a role and encourage age-appropriate participation.

Play instructive games
Board games like Monopoly and the Game of Life can create many opportunities for important lessons about money. They're fun for all ages, so gather the entire family in the parlour and see who emerges victorious.

Make it real
Ask your child for help comparing the cost of eating a meal at home vs. eating at a restaurant. Calculate the savings if you stayed home and ask your child to consider other ways the money could be used, from depositing it in a savings account to buying something the child really wants.

Teach the importance of saving for specific financial goals
As your child gets older, provide guidance on how good money management will allow them to afford the things they need when they need them. Try giving your child two money jars, one for saving and one for spending. This will help ensure the lesson becomes ingrained.

Teaching children to manage money responsibly requires patience and persistence. We encourage you to get started once your child is old enough to understand the basic concepts. If you have questions, we'd be pleased to answer them.

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