Teaching Children About Money
We all want to help our children financially, but I believe it is more important to teach them to become financially independent.
In other words, I am not paying your mobile phone bill once you’re out of the house!)
A great place to start while they’re young is to help them divide any money they get – including birthday gifts, allowances, and anything Grandma sends them – into 3 envelopes.
I suggest 10% in one for giving, 70% in one for saving, and 20% in one for spending.
as they get older, steadily give them more responsibility over things they have to pay for, like clothes, entertainment or gas.
Be sure to involve them in financial discussions as they grow. You can teach them with our visual guide, the Money Map. If you don’t have yours yet, download it for free at crown.org/money