As children grow, we can start teaching them some of the ins and outs of money. Here is my answer to my client’s question, what age should you start teaching kids about money? This is for the age group 6-8 year old’s
As soon as your child is receiving an allowance, he/she will need a place to put their money. Make a trip to the bank an event. Help your child open a savings account, and encourage them to make regular deposits. As the balance grows, you can discuss the concept of interest and how the bank pays people back for saving their money. Many banks have children’s accounts that offer no-fee and no-minimum-balance accounts.
This is also a good age to take up coin collecting as a hobby. (You can spark your child’s interest with state quarters.) Visit the kids’ section of the United States Mint Web site (www.usmint.gov/kids) with your child and learn about the evolution of U.S. currency. You’ll also find online games and cartoons to keep your child engaged.