Money Concepts to Convey to Your Child

Where to start

The topic of money is a big one. Where do you start? How do you go about teaching it?

For the most part, all money education is focused on certain general topics:

  • Earning money. This means putting in personal time and effort to receive payment.
  • Saving money. This means setting aside money today so that it will be there in the future.
  • Spending money. This means using money that’s been earned or saved to pay for things.
  • Borrowing money. This means using money that will have to be repaid in the future at more than what was originally received.
  • According to some child experts, a parent can start explaining about earning money, saving money, and spending money as soon as children can speak. Kids probably can’t understand what borrowing is about until they’re in elementary school and can appreciate what interest on borrowing really means.

Source: http://life.familyeducation.com/personal-finance/money-management/47963.html?detoured=1

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