Thrift came quite naturally to me even as a child: I was a saver, not a spender. For others, however, thrift didn't come quite so easily. Fast forward to the children of today and we see a deluge of media messages designed specifically to stimulate a child's naturally acquisitive tendencies. At the same time, these kids are faced with a world of diminishing resources. And their future? Well, that will depend on their ability to save and manage their money so they can maintain a good quality of life even when they can no longer earn a living.
It's a pretty intimidating picture. So even if a child doesn't seem to have thrifty bone in his body, it's still worthwhile to nurture even the smallest glimmer of thrift and begin teaching him the basics of money management. And the sooner the better.
Experts generally agree that teaching fiscal responsibility to children should begin at home, by showing children by your own example how to manage money sensibly. It's also important, most say, to teach a positive attitude toward money: money is not the root of all evil, but neither is it the basis of all happiness in life. Instead, they say, teach your children that money is a tool, a means to an end and not an end in itself.
Developmentally, lots of children are ready to begin learning about money when they are 5 or 6 years old. In her iVillage article Teaching Kids the Value of a Dollar, writer Jill Gianola suggests some age-specific activities for teaching money basics to children 5 and over. Even very young children often enjoy simple counting games, and playing store helps children understand the concept of money, and gives kids some experience handling money before they try out their skills in the real world.
When teaching children about money, allowances are often the main focus. Often though, parents are unsure about when to start giving an allowance and also how much they should give. Unfortunately for parents, there seems to be no magic age to start giving an allowance, and no magic amount that will satisfy every family's unique circumstances. When deciding what's best for you and your child, iVillage money expert Nancy Lloyd's article
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