In addition to encouraging the health and wellbeing of your children through Phoenix fitness programs, it's necessary to teach them about money. Educating your children on the importance of financial responsibility is a necessary complement to helping them grow into healthy and prosperous adults.

When to Teach Your Children About Money

Many financial experts agree that parents can start educating their children about money at an early age. Establishing the fundamentals of money management early on allows parents to set the groundwork for financial responsibility and equip their children with the survival tools necessary to succeed as adults.

A Timeline for Teaching Your Children About Money

Between the ages of six and ten, start teaching your children about fundamental money concepts, including what money looks like, that everything costs money, that adults work for money and why financial responsibility is so important. Leave the stocks and bonds for later and focus on the basics, such as needs and wants, earning, saving and spending. You can also set up a small allowance to provide some practical experience in simple money management.

Starting around middle school, you can set up a savings account for your children. Teach them about saving and spending wisely. At this point, you may also want to establish long-term goals for your children in order to demonstrate the benefits of money management, such as saving for a trip to an amusement park.

By the time your children reach high school, you can delve into the vast complexities of money management and financial responsibility. Establish a firm understanding of taxes, credit, budgeting and investment. You can also explain the importance of a good job and how college represents a financial investment in their future.

At this age, your children should develop a firm grasp on the dynamics of credit, including the importance of financial discipline and the role of interest rates.

Money and Social Responsibility

As early as possible, teach your children that money is not only about earning, but also about sharing. Encourage your children to give back to the community by making financial contributions to a chosen charity. Helping those in need uplifts the entire community and creates an environment of reciprocal prosperity.