The Importance of Teaching Financial Literacy to Your Kids

Try asking your young daughter if she knows where the money you use to buy groceries

and all your basic needs comes from. In all likelihood, she would either answer that she

doesn’t know, or that the money comes from the ATM! That may sound really cute, but it

would be so much better if she knew that you got all that money from working hard.

Kids learning the value of a hard-earned dollar at a young age is something they can carry

with them as they grow up. Dealing with finances, after all, is a daily and unavoidable part

of adult life. If you teach your children about money at such an early stage in their lives, you

will be giving them access to knowledge that schools don't typically teach.

Starting them young on financial literacy doesn’t mean you’ll have to give them a crash

course on stock markets and whatnot. You can start with the basics of money. Let them

handle some if you want. You can teach them the value of having savings, too. If you can

give them allowances for chores you ask them to do, then that would be great. To make

assigning tasks and managing their allowance easier, you can always use a kids chore app

for that.

There is talk that some states are already considering implementing a personal finance

curriculum in schools. If this is true, then that would be awesome! Until then, however, give

your kids a head start now. Teach them things like how they should spend their money, a

topic that the infographic below can help you explain.

Guest Blog by: Samantha Green (Busy Kid)