Kids need to learn money-management basics

1. Kids need to learn money-management basics Financial education is so important as a basic life skill. If we teach children at a young age about smart money practices, they will be responsible with their money as adults. Parents can teach their children the importance of earning money by compensating them when they do chores around the house. When children learn that it takes work to earn money, they can appreciate the value of money and be mindful of how they use it. My children earn their money by doing household chores, and they put aside money to save and spend. Experts say that paying a small amount, however infrequently, can work well for teaching financial education for kids. It is important to keep track of how your money is going in and out. Parents can engage their children in simple things to learn about saving money.