Financial Literacy For Kids, Ages 8-10
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.
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- Play: Teaching about money through more advanced play.
- Peer Pressure: Setting good examples as peer pressure begins.
- Spending: Encouraging more independent purchase decisions.
- Allowance: Adjusting your child’s allowance, with additional responsibilities.
- Earning: Promoting a work ethic with simple jobs.
- Saving: Establishing savings goals, and teaching the importance of saving ahead.
- Banking: Setting up a first bank account.
- Lifestyle: Establishing sensible expectations about life and money.
- Role Modeling: Demonstrating financial responsibility by example.