At this point, not only is your little one probably more vocal about their wants (that they are convinced are needs), but also those desires are most likely even more expensive. This is an important time for kids to learn about working for the things they want, developing patience while saving, and making smart financial choices for their long-term goals. To get this age group thinking critically about money, you should focus on getting them to:
- Start volunteering for odd jobs to earn extra money and not just expect to get paid an allowance without completing tasks.
- Understand that you should never share your credit card number, PIN, or financial information with others.
- Start understanding principles of basic economics and a consumer market.
- Realize how their financial decisions impact long-term and short-term goals (like if they buy that candy now, they are going to have to work longer to pay for the video game you really want).
- Appreciate that there are people less fortunate and the concept of making donations and being charitable.
- Realize that if you spend more than you have on a credit card, you will have to pay interest on it.
