July 3, 2022

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How to help your kids learn about money, saving | Money Talks – KCENTV.com

Never treat money as a secret thing with your kids. Bring them in, even at a young age, and teach th.......

Never treat money as a secret thing with your kids. Bring them in, even at a young age, and teach them about the bills you are paying and the investing you’re doing.

TEMPLE, Texas — By the age of three, your kids can grasp basic money concepts. By seven, many of their money habits are already set. That doesn’t mean you throw in the towel after first grade. 

I recommend starting money lessons by using examples from everyday life. But you need to make it age appropriate when paying bills or balancing your checkbook, get your kids involved and answer some questions. 

“Setting up a checking or savings account is a great way to teach children how to balance a checkbook and the importance of saving for a rainy day,” Certified Financial Planner Neil Vannoy said.

Parents should also explain to children why you are saving money, what the goal is, and where you are investing.

“If you’re saving for your child’s college education, why not turn it into a learning experience? Children that understand bank accounts can relate to 529 college savings plans as a savings account with a specific goal, and you can bring teenagers in on the investment selection process,” Vannoy said.

RELATED: When to teach kids about money | Money Talks

Vannoy also had a great idea when investing for your children. All of those extra …….

Source: https://www.kcentv.com/article/money/how-to-help-your-kids-learn-about-money-saving/500-113444db-277b-4c25-bc72-0659abb08618