Have you ever asked yourself, “When should I start teaching my child about money”? Perhaps after that tantrum in the store about a toy or that 1st birthday when grandparents give a couple of dollars as a present? We all know that children are learning from the moment they are born, so if it is a question of when to begin teaching financial literacy; the answer is technically begin anytime. Also if as a parent your money skills are “iffy” then chances are those “iffy” skills might translate to your children as well, because we all know; children learn what they live.
This time of year presents itself as the best time to teach children about money. Summer is approaching and they will want to do things out of the house that require money. For older children this is an easy task, parents can sit down with their tween or teenager and find them sources where they could earn money and how these young children can budget their wages.
For those children that are fortunate to have allowances; parents ought to be helping with budgeting that allowance. A budget is a simple guide of how to spend money no matter how small an amount. Teaching children to budget when they are young may help them as they become older and join the workforce.
Below are a few books to help parents get started on the conversation about money with young children:
- Betty Bunny Wants Everything by Michael Kaplan
- Berenstein Bears’ Dollars & Sense by Stan & Jan Berenstein
- A Chair for My Mother by Vera Williams
- Do I Need it or Do I Want it? Making Budget Choices by Jennifer Larson
- Budgeting Tips for Kids by Tamra Orr
- Money Madness by David A. Adler
- If You Made a Million by David M Scharts
- Real World Math Series by Cherry Lake Publishing
- Money Sense for Kids by Hollis Page Harman
- Everything Kids Money Book: Earn It, Save It, and Watch It Grow! By Brett McWhorter Sember
Check your library for more titles and get talking and teaching children about money. For more information on teaching children about money contact the Family and Consumer Science Agent in your county for resources.