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by: La'Toya R. Sibley
If you were anything like me an my family, growing up in the 80's and 90's, you would know that finances were never a discussion that children were privy to let alone something that was commonly taught in most households. As a Mother to my own three children and facing the financial ups and downs that myself and my husband have been through, all I can think is that I do not want my kids to fight the same fights that I have. So the question that have plagued me is...…...… What is the right age to begin teaching my children about finances? Many people have come up with so many different answers but we will dive into the answer that resonated deeply within me and has caused me to be solid in my stance about teaching my children about money.
The thing that we know about life is that what we do not teach our children, the world will teach them and it will probably not be in their favor. With that being said, as parents, it is a must that we do our part. Dave Ramsey wrote an article on his website titled 15 Ways to Teach Kids About Money. In this article he gives 3 tips on his website on how to teach your Pre-schoolers and Kindergarteners about money that demonstrate how to begin to open their eyes to the realities of money. In this same article, Dave Ramsey stated that there is a study by the University of Cambridge that found that money habits in children are formed by the time that they are 7 years old. This same article by Dave Ramsey goes on to talk about how to continue teaching your child about money until they are 18 years old to include credit card knowledge and them saving for college so that they may stay away from student loans.
So again, what is the right time to teach your child(ren) about finances? As soon as they can pick up or know the difference between a coin and a dollar bill. Why wait? Waiting did nothing for us. We need to do everything that we can to not have our children go through the same struggles that we went through with our finances. Also, visit Dave Ramsey's blog article at https://www.daveramsey.com/blog/how-to-teach-kids-about-money for further insight into the tips that he gives in regards to teaching your younger ones about finances. You are guaranteed to find something to help you on this journey to helping your children be financially fit and financially free.