Putting your children to work is a good first step. Unfortunately, they’ll likely receive scant information on how to manage their money as part of their formal education. So, take the lead on educating them about personal finances to help them avoid costly mistakes.

It’s never too early to start teaching your children about money. Even a 3-year-old can understand that if you buy them this toy, you can’t also buy them that treat. Ensuring financial literacy and reinforcing smart habits will pay dividends throughout their lives.

Talk About Money Early And Often

While you may have been raised in a family that never discussed finances, that needs to change. Being willing to discuss money matters gives you the opportunity to be their financial role model. Having open conversations about managing money can encourage your children to adopt smart habits early on in life—like saving regularly or researching products before making expensive buying decisions. After all, children learn by example. Bringing them into family conversations around finances is an effective way to foster dialogue around topics like bank statements and budgeting decisions. Hearing such conversations among adults will normalize money management, leaving them better prepared when it’s time to handle their