It's never too early to start teaching your children the basics of money management beginning with elementary school. Find resources from personal finance curriculum to games to teach your young child about the basics of saving and the difference between wants and needs.
Young children can learn the basics of money, such as differentiating coins and understanding how to put some funds aside. Here are four basic money management concepts for young children:
- Knowing the difference in appearance and value between coins and bills
- Putting money aside to save for later
- Understanding the value of earning money by completing tasks
- Comprehending the difference between wants and needs