{"id":53274,"date":"2018-12-04T05:01:17","date_gmt":"2018-12-04T05:01:17","guid":{"rendered":"https:\/\/www.babyhealthandcare.com\/6-ways-to-teach-your-kids-about-finance\/"},"modified":"2018-12-04T05:01:17","modified_gmt":"2018-12-04T05:01:17","slug":"6-ways-to-teach-your-kids-about-finance","status":"publish","type":"post","link":"http:\/\/www.babyhealthandcare.com\/de\/6-ways-to-teach-your-kids-about-finance\/","title":{"rendered":"6 Ways To Teach Your Kids About Finance"},"content":{"rendered":"
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Back-to-school time means plenty of lessons to learn in the classroom. But parents usually have to be the teachers when it comes to a subject their kids will need to understand throughout their adult lives \u2013 personal finance. Studies show that teaching finance is not a top priority of the U.S. education system. Fewer than 20 percent of teachers report feeling competent to teach personal finance, according to a Council for Economic Education Survey, and only 17 states require students to take a personal finance course in high school.<\/p>\n

\u201cThe majority of your kids\u2019 financial education will come from you,\u201d says Kathy Longo, author of Flourish Financially: Values, Transitions, & Big Conversations. \u201cBecause we parents have such a great influence on how our kids spend, save, and invest, it\u2019s critical that we teach them early and often how we want them to value money.\u201d Longo, who is also president and founder of Flourish Wealth Management\u00ae, provides a list of ideas and discussions that can help your kids learn about finance at different developmental stages:<\/p>\n<\/p>\n

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1<\/span>Learning Wants Versus Needs<\/span><\/h2>\n<\/p>\n

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Longo believes the foundation of a child\u2019s finance education begins with learning the difference between wants and needs. \u201cAsking kids whether they want or need something before they make a purchase really gets them thinking about their own money values,\u201d Longo says.<\/p>\n

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2<\/span>Using a Three-Slotted Piggy Bank<\/span><\/h2>\n<\/p>\n

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In grade school, Longo says it\u2019s important to teach kids about money in a tangible way. Three slots to separate dollars for saving, sharing and spending can help them understand the connection between the money in their piggy bank and the new toy they bought, Longo says.<\/p>\n

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3<\/span>Giving Back<\/span><\/h2>\n<\/p>\n

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Teaching your kids the importance of giving, such as by donating toys they no longer use, is a lesson that can stick with them for life. \u201cYou can strengthen that by talking about charities you support with dollars and time,\u201d Longo says. \u201cThis is a great way of showing them that valuing money also means helping those less fortunate.\u201d<\/p>\n

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4<\/span>Making a Budget<\/span><\/h2>\n<\/p>\n
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