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How to Teach Your Kids About Money

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success.com

and veteran entrepreneur. Lechter says it’s important to teach your kids financial literacy because they see you spend money, but they don’t know how to create it, keep it or invest it. “Kids don’t understand the relevance of earning, saving and spending,” she says.

Given the influence of the media and peers on kids, she recommends starting to teach them about money anywhere from age 4 through 6.

Consider these tips:Don’t hand out allowances for performing the basics of personal and family responsibilities, such as brushing their teeth or doing the dishes, Lechter says. “Give allowances to your kids for showing responsibility over and above their normal responsibility.

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