10 Ways To Build Good Money Habits

The tips and ideas below will cover a wide range of financial topics for just about every age and stage. I hope they’ll help you discover new ways to teach your kids about money. 

What Is Financial Literacy?

Financial literacy means having the knowledge and skills to manage your money successfully and confidently. Broadly, that means knowing how to: - Save money - Invest - Avoid debt - Save and plan for retirement

10 Effective Ways To Build Good Money Habits

Now that we’ve defined financial literacy, it’s time to get into the tips. Here are ten ways you can start building good money habits in your kids today:

1. Model Good Money Habits

Show your kids how you save, spend, invest, track, budget, and so on. Talk openly and often about your finances, using the ideas in this post as starting points.

2. Teach Your Kids How To Save

Young kids might enjoy starting with a classic ceramic piggy bank. It’s fun for them to drop coins in the slot, hear the sound of the coins dropping in, then pick up the piggy bank to feel how full it’s getting.

3. Teach Your Kids the Basics of Investing

Kids can start learning the basics of investing from a surprisingly young age.

4. Help Your Kids Start Investing

When they reach the age of majority, they’ll legally be able to manage their investments. This may seem risky, but you can rest easy since your child worked right alongside you to grow the investments.

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