by Brad Homer
Teaching our kids early on about the value of money is important. The importance and whys of saving money, spending money wisely, and avoiding debt are specifics of the real world that a child as young as four can begin to learn and grasp. We also need to remember that it's not enough to just tell them what's wise regarding money - we need to practice it.
Games can also be a great tool to clue them in on how money works. Old fashioned board games like Life, Monopoly and PayDay are great fun and a good way to spend time with our kids while teaching them different concepts about money. Likewise, many computer games exist which do a great job of explaining the real world and how money plays a part in it. "The Sims" in particular offers fun and insight for youths about responsibility regarding money and managing a household - although some of its content may be too advanced for the very young.
Beyond just games and telling them about money, we should also let them get their feet wet with money. Allowances that they earn through some work around the house coupled with incentives for saving some and wisely spending the rest is a great idea many parents practice. The end goal in teaching them about money is to prepare them to be responsible about money before they reach early adulthood, when the temptation of credit cards and other bad spending habits have a chance to take hold. Train them correctly - train them young and a fiscally responsible and abundant adulthood can await them.
Millionaire 2020™ can help you on the road to good budgeting.