By Winnie Sun
What mom doesn’t want her child to grow up to be smart about money? It’s never too late for a kid to learn, but the sooner you start teaching–and modeling–wise financial behavior, the better.
Research shows that money habits often are set by age 7, so introduce your children to money as soon as they can count.
Here are some methods I use with my own youngsters:
*Introduce your child to the concept of using a shopping list and have him help you find items on your list. Tell her why you shop at discount stores. As she gets older, have her calculate the unit price to figure out what item is the best deal. Make a game of finding items on sale and show him how to compare prices on national brands with those of store brands. (more…)