Play money

Saving, spending, donation and investing are said to be the criteria to teach children financial responsibility. Many people lack the foundation of financial know-how and it bites them in the #$%$# sooner or later. Here’s a breakdown of suggestions:

Ages 1-4: Let children handle bills and coins to become familiar with their look and feel. Give them a piggy bank to learn about saving.
Ages 5-8: Get a library card for your child. Start an allowance.
Ages 9-12: Give child responsibility (and resources) to pay for some household expenses.
Ages 13-15: Let children invest toward a vacation goal. The nature of the vacation could be tied to their success.
Ages 16-18: Research various professions and determine their lifestyle budgets.