Money Tips For Children? Here Are Just A Few Things You’ll Need To Know

By the age of 11 or 12, children are already conscious about where they spend their allowance. They become conscious of how to earn money by doing housework for other people during summer.

According to CPA Matt Bryant, it would teach children lots about finance if they do the following, given it was taught by their parents.

1.    Spending and Saving Accounts

According to Bryant, an organisation of money through savings and spending accounts will help children know about calculated or budgeted spending. In this way, children learn and take it to heart to spend only allocated amounts for their personal use.

2.    Teach Taxes

Some summer job employers may have a withholding tax from their employer. This withholding tax could be received once a child can file income tax returns. This is where he and other CPAs could come in to help.

3.    Avoid Credit

Bryant said that children must avoid credit at all costs. Unless their parents have taught them effectively about budgeting and using credit could they only use credit cards. While they are younger, Bryant said it would be best that children know about the connection of hard work and earned money.