In the article “Are Your Kids Financially Literate? 4 Ways to Teach the Value of a Dollar” a dad and financial advisor describes ways he instills financial literacy in his child. He advises to keep your child in the loop with your spending decisions, helping them to understand tradeoffs at an early age. In addition, he thinks parents should clue their children in on the “why” behind working for the same reason.
Other tips offered include giving an allowance for household tasks, showing them how to shop sales and injecting fun into learning when teaching about money. I particularly liked the idea of shopping a sale with your child, then taking them to buy a treat with the savings in the same trip. It shows them that there are concrete benefits to smart financial decisions.
Read the full article here:
Are Your Kids Financially Literate? 4 Ways To Teach The Value Of A Dollar