Apr 27, 2020
Parenting Hacks

Financial Tips for Kids


ips by Ages

  1. 1-4: piggy bank use only what hive (interest overtime)
  2. 5-10: cash in envelopes (save, give, spend, invest, build a company)
3 Simple Ways to Teach Children the Importance of Money
Ages 5 to 10

  1. 11-14: joint checking account start give money for different type expenses (going out to eat, clothes, etc ). Best bet worth with your bank to get low cost debit card and use goodbudget. Another card for kids is https://www.greenlightcard.com/.
  2. 15-18: total responsible tell match for a car and for college
  3. After match save for college give 0% loan to pay for school.

General Financial Tips for Kids

  • Commission worksheet: big chores (lawn, floors washed) others are like dishes, bed, cleaning up are no commission (all big are no commission, put penalty on behavior on bottom of sheet, big items like mowing lawn are commission). 
Commission vs. Allowance Commission = teaches kids to work ...

  • Don't use allowance=welfare
  • Teach compounding interest
  • Teach emergency accounts
  • Credit cards and debt is not to be used

Other Resources: