Blog Post – When to start teaching kids about money, Wants vs. Needs

Some parents tell me that they will wait until their kids can count money before they will teach them about money. It’s a good thing that these parents are at least thinking about teaching their kids about money, but here’s a better idea. As parents, we need to teach our kids what a want vs a need is. Some of the things our kids want are not necessarily things they need. To make this simple, make a list of things that you buy that you usually pay for that are not needs, but wants such as candy, hair accessories, movie rentals, video games, etc.  These are the things you can have your child allocate their money for to buy themselves.  This will really teach them to become responsible. Not only that, but when your child wants to buy something he doesn’t need, he’ll think twice about whether or not he should be buying it.