It’s never too early to teach children about money and financial planning. This is an important life lesson that will prepare them for their future. It’s important to explain to children money doesn’t grow on trees, like they might think sometimes, it requires effort to earn money and it is limited, so you must be careful how you spend it.
For very young children, you can begin by exposing them to the idea of money and outlining its purposes. Using coins and bills in games and activities will show them the worth of money.
When kids are a little older, around 5 or 6 years old, is when you can start teaching them about saving properly. At this age, children can understand the concept of setting aside money for a specific purpose and learn fundamental financial ideas like budgeting.
It’s important to adjust your teaching approach to the children’s level of understanding. And the earlier you start teaching them about saving money, the more prepared they will be to make smart financial decisions in the future.
