When should you teach your children about money?

When should you teach your children about money?

Many wonder at what age is it appropriate to start teaching your children about money? When can the understand the concept of money and finances? Some may disagree with this but I think you can start teaching a child as early as three.

The reason I say three is because my daughter just turned three year old this week. For months she has been able to say the word money and I know she has a grasp on how it’s used. We sometimes let her buy a sucker or gum at the store and pay for it with cash and get back change. Grandparents and other relatives have given her money for birthdays and other special occasions which she puts in her piggy bank. We keep telling her she is saving her money for a car someday. I’m pretty sure when we say car she think pink Barbie car that she can drive down the sidewalk, but at least she understands she is saving for something.

Even if you don’t want to admit it, money is a very important part of our lives. Understanding money is a skill that should be learned at an early age and always developed and improved. Millions of adults still don’t know how to manage money and personal finances so teaching your children, the right way to manage money, at an early age is very important. The old saying practice makes perfect holds true for money management as well…