In my opinion, learning about budgeting and money management at an early age is vital. I used to always tell my son that the discipline you have in elementary school follows you to middle school, high school, college, and adulthood. This can be applied to not only money, but sports and schoolwork as well. Here are some important reasons why kids should be taught about budgeting and how to be financially savvy at a early age:
- It is a great personal development tool.
- It will teach them the difference between wants vs. needs.
- It will help them understand the value of money.
- It teaches them to think rationally before spending.
- It will show them the “big picture” of spending versus saving.
- It will help create a certain “money discipline” they can use for a lifetime.
- It will help them develop an appreciation of adult responsibilities.