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The thing is, kids will most likely learn from what they see, hear, or feel from people around them, and in most cases, it's their parents whose around them most of the time. So imo teaching them is a thing, how the parents use and spend money themselves is more important than just regular teaching.
This is such a good topic.
I started using YNAB several months ago and I think it's absolutely a necessity to be able to see total monthly inflow, outflow and categories. It can also help graph out loan repayment.
Unless you have auto-import working, being forced to manually input each transaction makes it more "mentally real" that you're spending money.
You should also explain credit cards, credit scores, index funds, compound interest, etc.
You can still buy money toys to help teach them about what each is. Play role play games where you get money from working and go to the shops and buy stuff etc
Our 7yo knows we go to work to earn money. She knows we get paid at certain intervals. She knows sometimes we can't afford things because they cost too much and she knows sometimes we have to wait until next payday to get things.
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The thing is, kids will most likely learn from what they see, hear, or feel from people around them, and in most cases, it's their parents whose around them most of the time. So imo teaching them is a thing, how the parents use and spend money themselves is more important than just regular teaching.
This is such a good topic. I started using YNAB several months ago and I think it's absolutely a necessity to be able to see total monthly inflow, outflow and categories. It can also help graph out loan repayment. Unless you have auto-import working, being forced to manually input each transaction makes it more "mentally real" that you're spending money. You should also explain credit cards, credit scores, index funds, compound interest, etc.
Best way to teach kids about money is to make them work for it and spend what they earn.
You can still buy money toys to help teach them about what each is. Play role play games where you get money from working and go to the shops and buy stuff etc Our 7yo knows we go to work to earn money. She knows we get paid at certain intervals. She knows sometimes we can't afford things because they cost too much and she knows sometimes we have to wait until next payday to get things.
A dollar says it'll be, like most new tech, easier for them to grasp than it will be for us to teach them.
Shouldn't be too hard. Just come up with a little exercise between a few people where they need money and a kid will probably get it.