Introduce basic concepts like counting money and understanding the value of coins and bills as early as preschool age.
Take advantage of everyday situations to teach financial lessons. For instance, involve them in grocery shopping and discuss budgeting or comparison shopping.
Provide a clear jar or piggy bank for saving money. This visual aid helps children see their savings grow over time.
Encourage goal-setting by helping kids identify what they want to save for, whether it's a toy, game, or another item. This teaches delayed gratification.
Consider giving a weekly or monthly allowance to teach budgeting. Help them allocate funds for spending, saving, and sharing (charitable giving).
Discuss the difference between needs and wants. Teach them to prioritize and make thoughtful spending choices.
When they are old enough, consider opening a savings account in their name. This introduces them to the concept of interest and the banking system.