Stretch Your Dollar: Teaching good money habits to your kids early

Stretch Your Dollar

A lot of parents have had to get extra creative these last couple of weeks. Now that kids are learning from home, sometimes the lesson plans also fall on the parents. We’re stretching your dollar with why money lessons are important for all ages.

With schools shifting to online learning, many parents are finding themselves having to supplement their children’s curriculum throughout the day. It can be a great opportunity to incorporate money lessons into at-home learning. Financial consultant John Caserta says start them young!

“Studies have shown children as young as pre-k, kindergarten age, they’re able to grasp the concept of saving. Get an old fashioned savings bank, a piggy bank that’s see through. I think that’s important so they can see the money accumulating. Make it fun,” Caserta said. “Playing things like store or restaurant gives them the ability to start recognizing that money can be exchanged for goods and services.”

Caserta says as kids get older, into high school age, an allowance may come into play so budgeting is a good conversation to have and how to allocate their dollars towards things that they need and things that they want.

“And especially as we get into college grade years, that’s where I think having those conversations about debt becomes really important. Things like good debt, like student loans, versus bad debt, like credit cards.

One good idea is to play board games Monopoly or The Game of Life. Both are fun, creative and a nice way for the family to bond all while teaching good money habits.

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