When and how do you teach your kids about financial planning?

Once they already know the value of money, you should start teaching them to use it wisely. I read from a blog that you can have your kids a transparent coin bank where they can monitor their money there. Once they want to buy something like toys, they should get the money from it. This will let the know that if they will used to buy unimportant things, they can see that their money level becomes lower. They will have a clear look on the progress of their money. This will help them think whether they are going to buy something or not. This will also lead them to plan when and what are they going to buy with those money.

I believe that we teach our children without even meaning to. I never gave my children any financial planning lessons, but we were careful with our money and never got into debt. She grew up knowing that that worked for us and copied a great part of it when they were older.

when i was young my grandmother used to teach us how hard to earn money..so we have to save ...i always remember what she said thats why i always told my kids the same thing that my grandmother teaches us..

I think one good thing u can do is when they get enough age on them say around 5 to give them an allowance & teach them to spend it wisely. If they blow it first thing then they have to do w/out till time comes for them to get it again.

My kids are preteens and I have been trying to teach them about money for quite a few years just in the small ways and then as they get older I teach them more and more. When they were young I would teach them how to count and then put some of it away and then as they got older I tried to teach them about taxes and how to try to save some. Whenever they would get money from birthdays I would take them to the store to spend but they had to pay attention to the taxes and if they want something it don't have money we make them work it off here at home so they know money doesn't just fall from the sky so when you have it you need to appreciate it and not blow it on something your not going to absolutely want and then that mom and dad don't just replace or hand out money without something work to pay it off because that is how reality is and it isn"t just handed to them I think the only way to really teach them finances is to start showing them that money is hard to come by and you have to work to get it and then show them how much things cost and that it just doesn't get replaced when something is broken so they learn to appreciate what they have. If they want money make them work for it

As early as now I am teaching my son how to save. He was just 25 months now and I know he can't still understand the value of saving. But still, we already open a savings account for him and bought him a coin bank. Whenever he see coins, he will put them into the coin bank. In that way I already inculcate to him the value of saving coins no matter how small it is. In time, he will further understand how important it is for him and his future.

Hello my friend kaka135 Ji, Well, It is a very bad habbit of my hubby to write house expenses on daily basis, as our children grew, he will give them monthly task and reward few amount on monthly basis on rotation. Next, as and when our children will get cent/percent marks in unit tests final exams, he will give taht much smallest currency, still, as per age and time, when we used to go for travel, he will make them incharge of money spending , security Officer and property care during transit. For small children we can not have organised cladsses. But this way, they had feel and experiences of money. One may resort any other ways as per his/her liking. May God bless You and have a great time

I teach my son on the value of money. He has to save money. It is important to have plenty of money and start saving for future. Kids can be taught on the importance of money as young as five or six years old. They can understand.

I have to admit that with my daughter I didn't do as well as I should have done with teaching her about being responsible with money because she was born at a time when my husband and I were using credit cards way too frequently. So, since she was seven years old, she has been learning about living without credit as my husband and I have been learning to live that way. With our son, however, he has been learning about being responsible with money since he was about two years old. Of course, there are times that he is really impulsive with his money, but he also realizes that he has to save money in order to get the bigger things that he wants.

My son turned 12 this year. And I've been meaning to teach him about financial planning. I figured that I should start him early. He's been going on and on about how much money he has in his bank account (birthday and christmas gifts from relatives), so I thought I should paint him a bigger picture about money and the future. Anyday now...

i think not exactly financial planning but kids can be thought at a very young age how to value money, just becoz their parents are financial stable that doesnt mean that they can take things for granted. And from the age of 10 i think kids can be thought about financial planning,starting from making a balanced use of the pocket money given to them. Planning their expenses and not oversepnding as per their whims and fancies can go a long way for kids in understanding about financial planning.