In honor of National Teach Your Child to Save Day, which is Friday, here are four things you can teach your child about saving.
The value of earning money:
If they're not working or doing chores, get them started so they can have their own money to pay for things.
How checking and savings accounts work:
Open a checkless checking account tied to your child's ATM card to keep track of his or her spending. Open a savings account and add to it every month.
The importance of compound interest:
Teach your kids how their money will grow in a savings account with interest.
But also remind them the reverse is true. When you borrow money, you pay money for the money you've borrowed.
How credit can help and hurt:
They need to know how credit cards work and how important it is to build a solid credit history.