I think financial literacy is a life skill we MUST teach our children. Too often we think we shouldn’t talk to our little ones about money then wonder why when they get to college they open 7869 credit cards to get a free t-shirt (are they still allowed to do that on campuses?)
Either way I don’t think it’s ever too early to start discussing money and how it works. Mini me has a bank account and loves visiting it to deposit money from her piggy bank. Then she comes home and is sad it’s empty. I get her excited about savings by reminding her that her money is still there it’s just in a bigger piggy bank now.
As she’s growing she is starting to ask for more things. I am already teaching her about delayed gratification. She will be 3 in January and is currently saving up to buy a $10 horse for her dolls. Now when she gets money she puts some of it in her piggy bank and some of it in her store fund.
These tips from Suze Orman are great ways to start helping your children plan to use their money.