One of the best gifts you can give your children is financial literacy, and it’s never too early to start.
You can start teaching kids about money as early as 5 or 6 years old. They’re definitely old enough to understand the concept of paying for things, even if they don’t quite get where money comes from and how you get it.
You can start by giving them a small allowance or paying them for chores. Once they have their own money, you can teach them about using it for different things. They can spend it, save it or even give it to charity. This helps them understand that they can decide how to manage their money, which is literally what budgeting is!
Once they’re older, you can even let them be a part of discussions about the family budget. Let them see how you decide what to spend, how much to save, and how you prioritize your financial goals. This will help them see budgeting as a normal, healthy part of life.
And of course, be a role model. Your kids are always watching, even when you think they aren’t! Make sure you’re showing them healthy financial habits and sticking to your budget.
Teaching children about budgeting early on will give them the tools they need to grow into financially responsible adults. So start today and make it a family activity that sets them up for future success!
Click here to get access to my Build Your Budgets course!