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
- Performing small jobs to learn the value of earning money.
- Assuming greater financial responsibility with a larger allowance.
- Saving for longer-term goals.
- Opening a bank account.
- Make sure you remind your kids that money is earned by working.
- Try to use real money instead of credit cards when you shop with your kids.
- Challenge your kids to calculate how much change you should receive when you pay with larger bills.