Forbes has a great article on money lessons you should be teaching your kids, with milestones for ages 5, 10, and 15. Let’s see how I’m doing with my kids:
Money Lesson Goals for 5 Year Olds
- Savings Goal – a savings goal has three elements: (1) what you want to buy, (2) when you want to buy it and (3) how much it will cost at that time.
- Bank – a place that helps us safely store, organize and manage our money
- Check – a way to pay for items where we write a note asking our bank to send our money to someone to pay for our purchases
- Bills – notes letting us know how much we owe for our purchases
- Trade Off – A decision we have to make when we are considering whether to save for something or spend our money