I recently watched a news feature on the Today Show about mothers teaching their kids to be budget conscious. It brought back memories for me with my dad discussing 
the evils of gambling and credit card debt. My dad meant well, but he never explained to me why getting a credit card before I was ready was a bad thing. He just said that it was. Unfortunately, I had to learn the hard way and accumulated a good amount of debt by the time I was 22.
Nowadays, experts are encouraging parents to start their children early on finance education. Here are some tips to get started:
- Give them an allowance, and teach them how to budget and save their money.
- Open a checking account for kids at a bank. Most banks have children accounts.
- Have younger children start saving money in a piggy bank.
- Be honest about what you spend, what you can and what you cannot buy.
- Teach age-appropriate money management skills.
There are many resources including internet based publications that have games, and other types of educational tools for kids.
Kids between 6-9 years old
Kids between 10-13 years old.
Kids 14-18 years old
Having this knowledge will be able to empower children with the skills they need to succeed as financially responsible adults. This is something that my niece learned from my sister Josie. She is now in her mid-20s and has AAA credit, something that many of her peers cannot relate to.
Additional resources can be found at: Marketwatch
