Raising Money-Smart Kids

"Money doesn't grow on trees!" Parents have said this to their children for generations, but the key is to back it up with information that shows how money does grow. Experts say teaching children the value of saving money is crucial to future financial stability. Saving also helps develop other good habits like discipline, goal setting, planning, and delayed gratification.

• Start with a simple piggy bank (or any type of container) that enables young savers to see how coins and dollars add up in real time.
• Check out money-saving apps that use graphics and gamification to teach kids about earning and saving money.
• Establish guidelines for how much children should save from earned income and monetary gifts.
• Encourage saving by creating opportunities to earn money doing household chores.
• Educate children on comparison shopping, saving and using credit wisely.

Overall, it's wise to discuss age-appropriate money matters with your family to foster healthy, lifelong relationships with household finances.