When we talk about finances we associate money with the older groups such as college students,
newlyweds or married couples and our parents’ generations. However, it's never too late to start
helping the younger generations with finances as well. Everyone deserves a chance to understand
how money works in terms of spending and saving. Also, helping your children can also help
you learn a few new financial tricks as well.
Helping younger generations with finances doesn’t have to be confusing or frustrating. Here’s
some tips on how to help the children in your life understand how money works.
Create a habit of saving by giving children a piggy bank for coins or cash. Even if it's
saving up pennies can help children understand how to wait to buy something.
At a young age, children can be taught that doing certain tasks can help them earn money
and that money is not something that’s handed out. For example, children can do certain
chores around the house to help out as a family. But if they want to earn some extra cash,
they can volunteer for extra chores or negotiate an allowance.
Having a set allowance with your children can help them understand that money is
limited and that they can't spend more than what they have. This prevents them from
making extravagant purchases.
Understanding finances can happen at any age so make sure to help everyone around you make
smart choices for their futures.