Free help to make your kids financially savvy
Lessons start at 3 years old
"Money doesn't grow on trees." Maybe your parents used the line; or maybe you've told your kids the same. While it's a start, you can do more than talk about money to help make your kids pennywise. Consumer expert Amy Davis has advice from experts to teach your children about money.
The Consumer Financial Protection Bureau has made a place on its website for the financial learning resource called "Money As You Grow. " It's a free online resource that helps you with a game plan for teaching your kids about money at every age.
For kids 3 to 5 years old, you can print out activities like sorting bills and coins. There are pretend play scenarios, like you're at a grocery store or a bank, to get your little ones thinking about saving and spending.
It says you should start giving your child an allowance between 6 and 12 years old. But the most important part of the money is talking with your child about their plans for the cash. This is also a good stage to learn comparison shopping for toys and groceries and identifying scams, like schemes disguised as cellphone ringtones and games that trick people into spending money without realizing it.
When your child hits 13 and on up through early adulthood, they should learn about taxes, the difference between gross pay and net pay, what taxes pay for and how to save up an emergency fund.