When to Teach Your Kids about Money

pocket money

Nowadays, money is a general issue among all ages. Not only adult who are concerned about it, but kids also worry about their allowances.

Kids cannot earn money themselves because of their age, and this fact may cause them not appreciative about the value of money they get. Kids only realized that they need money to buy ice creams, toys, and else. When they beg long enough, they will get what they want.

It is an important issue for parents to teach their kids about money, where it comes from, how to get it, how they should use it and else.

The best time to teach your kids about money depends on their maturity of understanding things and their mathematical level. Do they understand denomination, numbers, and basic mathematical ability (such as addition, substraction, multiplication)?

You can learn whether your kids are ready for allowance responsibility. You will notice when they can resist the temptation of what they want, whether they can delay their gratification, and whether they understand that sometimes they cannot buy whatever they want.

Above all, your kids will actually learn about money themselves by following your examples. Kids learn fast from what they see and not from what you say. That is why it is important for them if you could lead a good example about how to deal with money.