Preschool
Show and Tell
Get out the piggy bank and teach your kids what a penny, dime and nickel look like. Explain the difference between coins and paper money, and let them touch and feel the currency.
Add It Up
When your kids ask for the latest and greatest toy, show them what it costs. Have them count out dollars and coins. You want them to understand that things cost money and, no, money doesn’t grow on trees!
Elementary School
Save, Spend, Give
If your kids receive an allowance, consider having them divvy it up into three jars. One-third goes into the save jar, where the money can grow. Another third goes into the spend jar. That’s the go-to jar they dip into when they want the latest Lego set. Finally, the last third gets put into the give jar and donated to the charity of their choice.
Make It a Game
Use technology to your advantage. The next time your kids clamor for screen time, send them to usmint.gov/learn/kids. They’ll find fun, interactive games that teach financial concepts.
Tweens
Comparison Shop ‘Til You Drop
Have your tween scan the weekly grocery store ads with you. Which store has the best deals on what you need? Then, head to the store with your list. Point out the size, retail price and unit price to get the most for your money.
Consider Commissions
As your kids get older, they can earn money for doing chores around the house. Allocate set money amounts for taking out the trash or washing the dishes. Show them money is earned, not given out willy-nilly.
Teens
Head To the Bank
Set up a joint savings account with your teen. Explain how to go online to check the balance and how to make deposits. If your teen has a job, encourage him or her to sign up for direct deposit and create a budget. Learning how to live within your means is a lesson best learned early.
Have the Talk
Be open about the pitfalls of credit cards. Explain that carrying a balance and opening too many lines of credit can damage your credit score. If you’ve pulled yourself out of credit card debt, share your story.
Build Your Budget
Start with the basics. Learn how to create a budget that works for you. Run the numbers to see where you stand.