It can be both fun and educational for your kids.
When it comes to teaching children about money, you should get them involved early…as young as 7 or 8 years of age. Have them help with the bill paying. Expose them to preparing your tax return. And, if you have the money, set up a brokerage account for them. Let them pick a stock or two.
Being financially literate in today’s economic climate is more important than ever. Understanding finances can help you make better money management decisions, budget your money properly, adequately save for college, and be financially prepared for retirement. While it may sound daunting, financial literacy starts with a budget.