Teaching your children about finances can start at any age. Instilling good financial habits can help ensure proper money management in the future. Whether it is a money game or a lesson plan, having a basic understanding of financial literacy is key to a successful future.
As early as two-years-old, you can start to teach your children about the names of the different coins. You can play coin identification games or play store and imagine spending money.
By age six (or whenever they start receiving money as an allowance), you can help them open a savings account and encourage them to make regular deposits. You could also start discussing the importance of saving and the concept of interest.
By 13-years-old, teens can start understanding the concept of budgeting between lunch money, school supplies, other small necessities, and fun items. Help your children start a budget by discussing wants versus needs.
Parents Magazine lays out different ways parents can talk to their children about money depending on age. By talking to your children about how the value of money and how to use it can help with other life skills later on such as patience and planning.
RMAI’s website FinancialLiteracy.Rocks has games, lesson plans, and articles to help parents along every step of the way.
Receivables Management Association International (RMAI) is a nonprofit trade association representing more than 600 companies that purchase or support the purchase of performing and nonperforming receivables on the secondary market. The RMAI Receivables Management Certification Program is celebrating its 10th anniversary in 2023. Together with RMAI’s Code of Ethics, the Certification Program sets the global standard within the receivables industry due to the rigorous uniform standards of best practice which focus on protecting consumers. More information about RMAI is available at www.rmaintl.org.