Teaching Your Kids About Money
Everyday Teachable Moments
In many families money is a taboo topic. But you can help your children and grandchildren learn financial lessons that will last a lifetime by looking for teachable moments in your daily life that naturally bring up the topic of money. Here are some examples of teachable moments to help you get started.
- Budgeting some of your paycheck to pay for things like rent, food and clothing.
Saving a portion of your paycheck to build a nest egg for future expenses like college tuition and retirement.
- The difference between a need and a want - milk is a need, candy is a want.
- Using coupons, buying in bulk, and other ways that you save money on groceries, etc.
- Paying for these purchases each month when the credit card statement comes in the mail.
- How using a credit card is like taking out a small loan for each purchase.
- Setting up a budget. For example, decide how much to save, spend or share with others in need.
- Setting a financial goal, such as buying a new bike, and figuring out how to achieve it.
- How a check is taking money out of your account at the bank to pay the bill.
- Keeping track of the checks you've written in the check register so that you don't spend more than you have in your account.
- How the money is coming from your account at the bank.
- Recording withdrawals in your check register so that you don't overdraw your account.