Do you know the following: Behavioral researchers from Cambridge University encourage parents to start teaching their kids about money as young as 3. And there are developmentally appropriate ways to help you kids begin to understand personal finance and credit cards at every stage of childhood. We started with our kids at birth buy putting money in their piggy banks then opening a savings account by the time they turned one. When they got any birthday, Christmas, or just because money from grandparents we had them put it in their piggy bank.
This repetitive behavior made them understand that if I get money it goes in the piggy bank. The early stages of saving! It was great to see that when they got money they walked to the piggy bank and put it in. Tell your kids that the goal is to fill up the piggy bank with dollars and coins, until there is no room. We were teaching them at this early age to put money away so as they get older, and we continue to talk about money they have a good foundation. Early financial literacy is key for kids to learn about money.
When we include them in the money process and discussion at this age, we are planting the seed for success in the future. If someone didn’t talk to you about this try and break that cycle with your kids and encourage good money habits. REMEMBER you are your children’s first teacher. Don’t worry if you don’t know all the answers yet they are little but setting that good foundation is key.
