Helping Your Kids Make Smart Money Moves: From Checking Accounts to Budgeting

Teaching kids about finances doesn’t have to be complex.

You can teach your kids to have a balanced and healthy view of money by example. Evgeny Atamanenko/Shutterstock

Teaching your kids about finances as soon as possible could put them on the right track to developing good financial habits. It could also set them up for financial wellness throughout life, a comfortable retirement, and generational wealth. And, perhaps more importantly, it could steer them away from the dark side of finances: reckless spending, crippling debt, and bankruptcy.

But it’s easier said than done. Where do you even begin teaching kids about money when they aren’t making any of their own? Luckily, there are many ways to teach kids about the value of a dollar. So let’s take a closer look.

Begin by Defining Money

You can start by explaining to your children that money is a medium of exchange for goods and services. Teach them the values of different coins and bills to give them a sense of purchasing power.