Q: What are some tips to help parents teach their kids good money habits?
A: Books are a great way to start. Reading stories is an excellent way for kids to learn about spending and saving in a fun way. There are tons of books out there for kids of all ages to help them learn about money.
Q: Can an allowance be a good way for kids to learn good money habits?
A: Yes, when kids have an opportunity to earn their allowance it opens up more opportunities to talk about the importance of saving and the responsibility of spending wisely. Some families have kids complete chores to get their allowance, this can help kids make the connection to earning an income.
Q: What are some other activities other than an allowance you can do at home with your kids?
A fun way to help your children learn about saving is to use piggy banks or jars to collect loose change or birthday money. You can also use envelopes for children to draw pictures of what they’d like to save their money for. Or you can take them with you to make deposits at your credit union.
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