Your new textbox

Financial Intelligence in our Children

What do you think is an appropriate age to start talking to your kids about money?
Saving, earning and sharing.

Permalink Reply by ECHOage on September 19, 2008 at 9:18am: I think we can start talking to our kids about money as early as 2 or 3 years old. They see us get money from the bank machine and using our credit cards...the money must come from somewhere. Talking to our kids about how the money has been earned and then can be spent and given away or put to many uses is probably easier than we think....; ▶ Reply to This

Permalink Reply by Pamela M. Kramer on September 19, 2008 at 9:22am: As soon as they can talk! lol - Our kids have had banks since they were born. We save money all year long and put it in the "big bank" at the end of the year.; ▶ Reply to This

Permalink Reply by ECHOage on September 19, 2008 at 10:01am: But is talking about it enough? I agree with you it is never too young to start this important dialogue but our kids seem to watch money being transacted all the time but when should they get in involved? Anyhow have a suggestion?; ▶ Reply to This

Permalink Reply by ECHOage on September 19, 2008 at 1:56pm: I guess the allowance is the best way these days to get kids to realize they must budget what they have but i find it a challenge because so much of what we must buy for them is not included in their allowance. I want to give them real life experiences with money that they can handle.; ▶ Reply to This

Permalink Reply by adoptioncoach on September 20, 2008 at 7:50am: EARLY, like 3, 4...and the reason I say that is my parents did a terrible job in this area and I know it had a negative effect on all 5 children in my family. I truly believe it is never too early to start instilling good habits in our kids. Don't get me wrong, I am not talking about a financial lecture for a 3 year old, but my son has 3 piggy banks. When he finds coins around the house or is given some money it automatically goes to one of the piggy banks. When we are out doing errands he likes to "pay", so I try to take these opportunities to speak to him positively about money and spending and budgets.

As a result, when we run to Target or other store where he knows there are things he might like to have but that isn't the purpose of our trip that day, I don't get the whinning/crying/tantrum for toys/trains/airplanes/etc. He might still ASK, I mean he IS three...*smile* but once I answer him it is over.; ▶ Reply to This

Permalink Reply by TheScrappyMama on September 20, 2008 at 8:21am: Like most of the moms have posted I don't think it's ever too early. We just recently started doing a "responsibility chart" and allowance for my four year old daughter and it's going well. We have always tried to explain the value of money when shopping in a store and how we cannot always buy the things we want. So far, we've never had a tantrum in the store over an item and she rarely asks for something.; ▶ Reply to This

Permalink Reply by Jen M on September 20, 2008 at 4:24pm: This is SUCH a good question. We didn't go by any child-rearin' book, but by the seat of our pants, when we started at age 4, with allowance kicking in at age 6. It's a dollar a week, but it's tied to light chores like bringing the garbage cans back from the curb after the trucks come by, and watering the veggie garden.

It seems to be working out so far, but like I said, this wasn't based on any professional book or advice. :); ▶ Reply to This

Permalink Reply by ECHOage on September 20, 2008 at 7:49pm: I couldn't agree more. Finding tangible ways to address the topic and bring it to life really is the key to success I think.
LidiaAnain said:
I think as soon as they are able to grasp the concept that things cost money it is time to start teaching them about money. As they get older the learning can become more in depth and later on should include lessons on credit and economics. Money is a very important and complicated subject that one can never start too early to teach kids about since it is something they will deal with forever.; ▶ Reply to This

Permalink Reply by Mina Sirkin on September 20, 2008 at 11:14pm: Seven. It's just when they start to understand what it means to earn .25 for a task!!
http://www.MomsRules.com.; ▶ Reply to This

Permalink Reply by Mina Sirkin on November 3, 2008 at 10:16pm: Yes. Seven is a good age. Not to old, but not too young. Show kids that chores have a value by giving the chores points. Then assign chores with points to kids. Write down each point that the kids get on the calendar with their name. At the end of the week, add them up and give them $0.25 to $1 for each task. Tell them they can spend some of their points for things they want and some to save in the piggy bank. It works for my kids. Hope it will work with yours.; ▶ Reply to This