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Your children and money

Along with eating their veggies and looking twice before crossing the street - if you can engage your child in financial discipline, you are contributing to them developing healthy financial habits. It is easiest to start the lessons at a young age, especially in an engaging and practical way, so that building wealth coming naturally. Here are three tips to help you get started:  
Use cash Avoid the use of plastic around kids. Children need to see actually money physically leaving your hands in exchange for goods, so they understand that most things in life come at a cost. It also makes the piggy bank more legitimate for them. If kids don’t see you using cash, what are they saving nickels and dimes for? 
Use practical scenarios Have your children help you create shopping lists, set budgets and putting them to practical use at the grocery store. By including them in the setting of a financial goal, you are teaching them patience, planning and strategy when it comes to money – and the best way to get what you need. They may even find ways to save money on the shopping trip! And that’s what you want: the beginnings of strategic thinking, understanding the value of a dollar, and even better, learning to stretch a dollar. 
Needs vs. wants Teach children the difference. Period.   
Make it fun Monopoly, Payday… this old board games are important teaching tools in your arsenal regarding personal finance, basic math skills and creative thinking.
Make it pay Start your children on an allowance - Tightwad thinks that allowance is important, and should be based on age and also earning it. Here are some good tips.


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