The subject of money, finances, budgeting and of course how and when to spend “it,” can be exhausting, and as a parent, it’s important to think about teaching your children smart money habits that will no doubt carry over into their adulthood. Teenagers may think they have their whole lifetime to learn how to deal with their finances, but learning smart money management early can mean avoiding costly mistakes later. And, just like we start adding some coin to the piggy bank when they are first born, it’s never too early to find ways to teach a “mini-me” how to handle money and finances responsibly.
Right now one of the simplest things I do with my 2 year old toddler is working on counting. He’s too young to understand how we “pay” for things, but he is always quick to want to grab and use my credit card or cash and hand it to the cashier at the store! At any rate, I do let him observe and do his part to help. Now going back to counting, I figure the sooner he learns to count it (money) all up, the sooner I can get to the lessons about subtraction!!! LOL!
It’s a subject we addressed on my show the other day and I interviewed Ted Beck, President and CEO of the National Endowment for Financial Education. He offered some advice for parent and teens on the subject of money and the best way to go about how to teach children the skills and the right attitude about dealing with money. Press play to watch the interview and see what he had to say…