Financial matters can be complicated, and we don't always feel qualified to teach our children about money. But, the truth is, we're the best teachers they'll ever have on the subject.
As parents/guardians, we can interject valuable money lessons into everyday life. The same way you teach your children to say "please" and "thank you," you can teach them to be savvy savers and smart spenders by your example, by repetition, and through conversations.
One of the first and best lessons you can teach your children is that money comes from work--not your pockets. If they contribute to the household chores, they get paid. The more they work, the more they can earn. A few items should be personal responsibility chores, like cleaning up their rooms or sorting their own laundry. Other chores that benefit the whole household should be paid, like emptying the trash, caring for pets, or cleaning the yard.
While there are many lessons that will help pave your child's financial path, earning money for work they perform will start them on their way.
Want a great way to teach your kids about saving money? Open up a MCCU Kid’s Club Savings account! It’s only $5 to open and start earning interest! Most savings accounts require at least $100 before you can earn interest.
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