Teaching Kids About Money Management [AUDIO]
Now more than ever, experts say it is important for families to raise financially savvy children. They say children are never too young to start learning about money.
In fact, some experts agree that parents should start teaching about money management the minute the child comes home from the hospital.
Rider University finance expert Maury Randall says you can start the very young with lessons about earning money and saving it, with shopping trips and bank visits. Perhaps an allowance when they get a little older. As far as an allowance goes, the big lesson for kids is that they can only spend what they have in the allowance and what they have saved from their allowance. That's another lesson in living within their means.
Randall says by understanding how money works within the family, then this will perhaps enable them to understand much of what is going on in the world today.
Experts say additional opportunities to teach children about money will present themselves naturally.
Randall says says the shining lesson that is most important in money teaching is telling kids they must live within their means.