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Top 5 ways to teach your kids about money this year

Author James Dunsford
Submitted 11-01-2011

In a world with such a fragile and fickle economy, knowing how to smartly deal with finances is a skill that can be overlooked. So, when it comes times for dads to broach the subject with their children, it's important that they do so correctly. Whether it be demonstrating to them the value of a dollar, or how to budget their allowance, the ability to teach kids about money is an invaluable parenting skill.

With that in mind we've compiled the top five best ways to ensure your kids are smart about their finances.

1. Start early. Introducing the concept of money as soon as possible will help them feel comfortable when they're dealing with finances further on down the road.

2. Emphasize the importance of goals. Do they want that new toy everybody else has? Tell them that if they save up enough money on their own, they'll be able to purchase it themselves.

3. Allow them to open their own savings accounts. By providing them with the opportunity to control their own money, they will realize on their own the importance of saving rather than spending.

4. Let them make their own spending choices. Perhaps the best way for your kids to learn about the value of money is to let them find out for themselves. By allowing them to make their own purchases, you'll encourage them to use common sense.

5. Have an open discussion about money issues. The most effective way to have well-informed kids is to teach them yourself. Covering topics such as credit cards, the dangers of borrowing and how to best manage a budget will help them out later on.