Teaching Children how to Handle Money

Ages 4-7

-Assign real money or play money values to tasks or extra chores
Children can later use the money for rewards like staying up ten minutes later or a movie
night with popcorn.

-Set aside a decorated container to save money for purchases

Ages 8-12

-Talk about different saving options and accounts that pay interest.

-While grocery shopping, compare prices among brands and have children practice estimating what the total bill will be.

-Help children create an imaginary bank account where they can receive income and pay costs while recording the money going in and out account. Review the balances each month.

Ages 13 and Up

-Create a budget as if teens were living own their own

-Once teens begin working, help them open a checking and savings account so they
learn to use accounts

-Visit Car dealership web sites to show teens how to estimate payments, gas costs.

-Discuss the difference between wants and needs