A principal at Nexant, Rebecca Gaskin Gain has more than 30 years of experience in law, economic privatization, and finance. Rebecca Gaskin Gain also sits on the board of CBZ Holdings, a Zimbabwe-based financial institution that offers, among other options, a savings program for children.
Teaching children good financial management can be the foundation for future habits. Some experts argue that children can learn good spending habits as early as 3 years old. Simple exercises that teach them to wait for the thing they want can translate into practicing discipline while shopping. As they get older, involve them in learning to save and spend by creating a jar system. Some give their children three jars designated for savings, sharing or donating, and spending.
Children up to age 10 can be taught how to make good spending choices. At this point, children should learn the value of money as a finite resource, and why it is important to spend money on things most useful to them. Forbes uses the example of a parent providing his or her child with money to spend at a grocery store while giving the child the chance to choose an item they feel is most valuable.
When children approach adolescence, parents can begin discussing needs versus wants. Parents can reinforce this distinction by asking children to get a job, which also promotes the value of work. Opening a bank account and learning to save are other ways children can learn. Some experts also say children should have experience with credit cards to avoid the disasters that can happen later without supervision.
Teaching children good financial management can be the foundation for future habits. Some experts argue that children can learn good spending habits as early as 3 years old. Simple exercises that teach them to wait for the thing they want can translate into practicing discipline while shopping. As they get older, involve them in learning to save and spend by creating a jar system. Some give their children three jars designated for savings, sharing or donating, and spending.
Children up to age 10 can be taught how to make good spending choices. At this point, children should learn the value of money as a finite resource, and why it is important to spend money on things most useful to them. Forbes uses the example of a parent providing his or her child with money to spend at a grocery store while giving the child the chance to choose an item they feel is most valuable.
When children approach adolescence, parents can begin discussing needs versus wants. Parents can reinforce this distinction by asking children to get a job, which also promotes the value of work. Opening a bank account and learning to save are other ways children can learn. Some experts also say children should have experience with credit cards to avoid the disasters that can happen later without supervision.
