TEACHING YOUR KIDS
ABOUT MONEY
(IT DOESN’T GROW ON TREES)
Help your children open a checking account
with a debit card.

Teach them how to manage their account online
or with mobile banking.

Expand your children’s allowance to include more
expensive items like clothes or gifts for friends.

Introduce entrepreneurship. Encourage your kids to earn
their own money with jobs for neighbors and friends.

Arrange for them to have an ATM card so they can
withdraw money from their savings account.

Help them open a savings account.

Encourage them to save their allowance
towards a goal (a new toy or DVD).

Consider setting up a matching savings plan like
most companies do with a 401(k).

Start giving them an allowance.

This is also a good time to explain bank
accounts and what it means when a bank
account earns interest.

Teach kids that money can be exchanged for things.

Explain to them the difference between pennies, nickels,
dimes and quarters.

10 March 2017 washingtonFAMILY.com
2017 washingtonFAMILY.com
38 April