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children physical money so it becomes real to them.


* Give your kids a clear jar or piggy bank, so they can see money accumulate


and know it’s still there.


* Play a game of “store” with your kids, using change from their jar or your own wallet. Play the part of a customer while your child is the cashier; then switch roles.


Ages 5 to 7


Financial education is important at this age to provide the tools and knowledge to compete economically in the future.


* As your kids approach school-age, let them handle money on a regular basis so


they can become comfortable with cash.


* Depending on your circumstances, you may start providing a small allowance. If you choose to give an allowance, be con- sistent and set some ground rules.


* Establish a set allowance amount. You may consider having it correspond to


your child’s age. * Determine whether your child will have


Introduce coins to your kids, helping them sort the coins by like kind


Financial education starts with the family and is reinforced in school — and throughout life


to earn the allowance. Do you expect your child to complete a few small weekly chores in exchange for the allowance, or will those household duties be separate?


* Set expectations for what your child will need (or is allowed) to pay for from that


allowance: snacks, school lunch, outings or video games.


* Let your kids learn from their mistakes. If they choose to spend the entire allow- ance the day they receive it, point out the mistake without bailing them out.


* Use the allowance as a tool to help teach money management, not as a


method of punishment or reward.


* Start discussing the concept of credit and debit cards. Your child surely has witnessed you withdrawing cash from the ATM or using credit cards to purchase everything from gas to groceries. Help your child make the connection that these cards represent money.


* Take your child to the bank when you deposit money in your account.


* Review credit card and bank statements with your child.


* Let your child count the money that comes out of the ATM and review the


receipt with you.


Ages 8 to 10 As your kids get older, they undoubtedly will become interested in where money comes from and where it goes.


* Explain how you earn money, and 91 * Pay the allowance the same day weekly.


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