At iMoneyCoach we are big supporters of people teaching their kids about money early. The earlier you can get it into their hands, the more time you have to teach them how to be successful with it. That doesn’t mean you are going to create a money-grubbing little monster (I have 2 small children, believe me, I’ve wondered the same thing). No, instead, you can help them gain the skills they need to be responsible with their money and able to reach their goals and dreams someday, whether that includes raising a family and paying for the kids’ college or traveling the world and discovering the cure for a disease.

So how do you start? Well, first I’d like to point you in the direction of the Kids & Koins workbook. This is a great workbook that you can use 3 different times as it is divided into age-appropriate lessons for children, tweens, and teens. It is full of real-life examples and activities to help you guide your child.

My other advice is to be open and honest and talk with your child about money. There are opportunities all day long every day. I’ve had a few recent experiences with my 3-year-old daughter that have really opened my eyes about the need to be continually talking to her about money. One was on a recent trip to the Lakeside Amusement Park. We bought tickets for her to ride the rides, and as we approached each new ride she learned “Ticket, please, Dad!” Now, it’s great that she said “please,” but it startled me how fast she realized she just had to ask Dad and he’d whip out the tickets that cost us $0.50 each (that adds up quickly too!). Now, we didn’t want to spoil her fun right then and there as it was her first time back this summer and we were thrilled with her daring and willingness to ride the rides that she cowered at last year. But next time we go, you can bet there will be some (fun) conversation around the tickets and how they cost money.

I just can’t say it enough. We’ve all got to be purposeful about teaching our kids what to do with money. Be an example for them. Whether you have done great with your money or you have struggled, share it with your kids so they will learn the right path. Our economy is on a rocky path right now, and if we want our kids to get to enjoy reaching their financial goals and actually be able to reach them, then we need to show them how.

Feel free to share your stories about talking to your kids about money or fun ideas you have had to start teaching them about finances.

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