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Young children need to develop good habits that will be useful to them the rest of their lives. It is important to keep the lessons age-appropriate. For example, when your children start earning allowances, that would be a good time to teach them how to put some money in the bank instead of spending it all.

When we have financial struggles, kids are so much more aware of things than we want them to be.

What is important for kids to learn is that no matter how much money they have, earn, win, or inherit, they need to know how to spend it, how to save it, and how to give it to others in need. This is what handling money is about, and this is why we give kids an allowance.

When you have a kid, money matters.

You know for years, I've heard financial experts stress the importance of teaching your kids about money, but it wasn't until I saw my own son's perspective change that I became a true believer.

You have to teach children about money intentionally - create teachable moments.

Now's the time to teach your 5-year-old kid about financing. If they can add, I suggest that you start teaching them about saving that money. And how their money can add up in the future. I think the more you prepare your children for the future, the better off they'll be.

Studies indicate that most of young adults struggle to grasp even the most basic financial principles that will allow them to manage money and prepare for their future.

Teaching money management is a practical tool that will help shape kids' futures.