Any day is a good day to teach your kids to save, and it’s not something they learn in school. So start early. We can teach kids to save with simple tools — not making a huge deal out of it. Here’s an article from Forbes that it is the very best on teaching kids of every age how to save.
When my kids were little, they learned how to clip coupons and it always came in handy … especially for toys. And they don’t need to know how to read to look through a Toys R Us flyer and understand prices. The boys collected sports cards, and that was a huge lesson in financial transactions. And believe it or not, so is buying and selling video and computer games.
Kids can earn money doing chores, collecting an allowance or countless other ways. Once my kids all all had jobs — my oldest was a paperboy at age 12 — they had ATM cards, and they learned to use them and balance accounts. Today, they all have 401 K accounts through their employers — even my youngest who is still in college and works part-time.
Money lessons are among the most important things we can teach our kids. Today is a great day to start.