5 Personal Finance Tips to Teach Your Kids While They’re Young

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By Maurie Backman

The money habits children develop when they’re young can shape their financial future. That’s why it’s important to set them on the right path early on. Here are a few key financial tips to start with.

1. Money today is worth more than money tomorrow

Money in your pocket today is worth more than the same amount you might get down the line because of its earning potential. That’s why your kids should always be putting their money to work.

At the very least, they should stash whatever cash they earn or get as gifts into a savings account or certificate of deposit to collect interest while that money isn’t being used. Even if they only earn a few dollars in interest each year, it’s still free money, and over time, small amounts of interest can really add up.

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