These are prime years for teaching the basics of money management. Your kids are gaining a more in-depth understanding of how money works and are still interested in learning from you. During this age range, your kids should be ready for a number of mature financial steps.
Key Money Basics for Ages 8-10
- Consider small jobs to promote the value of earning money.
- Require your kids to assume greater financial responsibilities.
- Focus on saving for longer-term goals.
- It’s time to open a custodial banking account with your child.
- Make sure you remind your kids that money is earned by working.