The Penny Hoarder’s Ultimate Guide to Teaching Your Kids about Money
April is Financial Literacy Month, but you might not realize it if you have school-aged kids. Only 17 states require personal finance education — and nearly a quarter of states received a failing grade in financial literacy.
That leaves it up to you to teach your kids about money, whether you’re an expert or not. Fortunately, we’re here to help so you can look like the expert, at least in your kids’ eyes.
Our Best Articles on Teaching Kids About Money
Teaching your kids about financial literacy can seem a bit overwhelming — where do you even start? Here’s the best advice we’ve found to help you set your kids up for a bright future.
What to Know — Even if You’re Bad With Money
- Do you worry about teaching your kids money skills, because you’re not so hot yourself? Take advantage of these 11 everyday opportunities to talk to them about money — it’s simpler than you think!
- It may be difficult even for adults to explain how compound interest works. Here’s how to explain it to your kids.
- If you’ve got particularly enterprising kids or teens, encourage them to start a business. Here are 14 fun, age-appropriate ideas.
Extreme Methods From Real Parents
- Ever thought about having your kids sign a contract for allowance? That’s how this dad is teaching his teenagers financial responsibility.
- It’s a never-ending debate: Should kids get an allowance?
- Celebrity chef Gordon Ramsay has said he won’t leave any of his money to his kids — here’s why.
Advice From Money Experts
- No one wants a toddler who throws tantrums whenever they don’t get their way or a teenager who doesn’t appreciate what they’ve been given. (Er, we assume.) If you want to raise money-savvy kids who aren’t spoiled, try these nine tips.
- What do your kids do with cash gifts from birthdays or holidays? Here’s what Suze Orman recommends.
- We found a book club your kids will actually enjoy. And it’s all about money.
Talking About College
While higher education feels like a certainty for younger generations, what’s uncertain is just how they’ll pay for it. Help your kids get an education without a lifetime of debt by talking to them about it now.
(Pst, don’t know where to start the conversation? Our guide to student loans should help.)
When Your Kids Are REALLY Young
- Think your kids are too young to talk about money? You can start at any age! Here are five things your 5-year-old should know about money.
- Teaching kids the value of money can start at the cash register — literally. Here are seven things your kids should pay for to start learning about the value of money.
Dana Sitar (@danasitar) is the Branded Content Editor at The Penny Hoarder.