Teaching kids about money

Nothing beats frank talk within the family about money, spending, and savings. Yet we tend as adults to be secretive about the details of family finances.

Expose your youngsters from the time they are little to the building blocks of financial literacy. Give them an allowance; open a savings account; learn how to comparison shop; balance a checkbook; understand interest rates.

Consumers, young and old, are bombarded with seductive marketing and societal pressure to spend. Instant gratification of today's impulse is encouraged. That is not a sound basis for financial self sufficiency.

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Then, give them a good role model for managing money, spending wisely and saving for what is important.