While you may appreciate the value of teaching your kids to manage their money responsibly, you may not be quite sure of when that discussion should start or what it should entail.
Kids may begin to understand the concept of money at an early age. Some retailers even sell toy cash registers for the toddler age group. When you're out and about with your toddler, you can tell him what you're doing when you're in the checkout lane at the store or at the bank. When your children ask for something they see at the store or on TV, you can remind them that that it costs money, and can count that money out with them at the register.
Kids love the concept of a piggy bank, a place they can collect their pennies and watch their fortune grow. When your child reaches age three or four, buy him or her a piggy bank. When the change collection reaches the top, think about taking him to the bank with that money to open his own account. Many banks offer accounts just for children.
As you pay the bills, consider having your 8- to 14-year-old children watch you. You can show them that the T-shirt you bought with your credit card really did cost money, and it's now time to pay for it. As they begin to earn babysitting money or collect an allowance, you can counsel them on how to save money, spend wisely and consider charitable donations.
As your teenagers start a first job, they may be over the moon when they bring home that first paycheck. This can be a good time to talk to your child about more advanced money management topics like credit and interest. There's no time like the present to begin teaching your child how to manage his or her finances. First lessons should begin at home; so don't hesitate to let the kids into the process, at any and every stage.
This content is general in nature and does not constitute legal, tax, accounting, financial or investment advice. You are encouraged to consult with competent legal, tax, accounting, financial or investment professionals based on your specific circumstances. We do not make any warranties as to accuracy or completeness of this information, do not endorse any third-party companies, products, or services described here, and take no liability for your use of this information.
Investment and Insurance Products:
© 2015 SunTrust Banks, Inc.
SunTrust Bank is an Equal Housing Lender. Member FDIC.
Equal Housing Lender. SunTrust Mortgage, Inc.
SunTrust, SunTrust Mortgage, SunTrust Mobile Banking, SunTrust PortfolioView, SunTrust Robinson Humphrey, SunTrust Premier Program, AMC Fund Select, AMC Pinnacle, AMC Premier, Access 3, Signature Advantage Brokerage, Custom Choice Loan and Sure Pay are federally registered service marks of SunTrust Banks, Inc. SunTrust SummitView are service marks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners.
Services provided by the following affiliates of SunTrust Banks, Inc.: Banking and trust products, including investment advisory products and services, are provided by SunTrust Bank, member FDIC; securities, insurance (including annuities), and other investment products and services are provided by SunTrust Investment Services, Inc.; investment advisory products and services are offered by SunTrust Investment Services, Inc.; mortgage products and services are provided by SunTrust Mortgage, Inc.
SunTrust Mortgage, Inc. - NMLS #2915, 901 Semmes Avenue, Richmond, VA 23224, toll free 1-800-634-7928 CA: licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act, IL: Illinois Residential Mortgage Licensee #MB-989, Department of Financial and Professional Regulation, 100 W. Randolph, Suite 900, Chicago, Illinois 60601, (312) 793-1490, MA: Mortgage Lender license #-ML-2915, NH: licensed by the New Hampshire Banking Department, NJ: Mortgage Banker License - New Jersey Department of Banking and Insurance, and RI: Rhode Island Licensed Lender.
"SunTrust Advisors" may be officers and/or associated persons of the following affiliates of SunTrust Banks, Inc.: SunTrust Bank, our commercial bank, which provides banking, trust and asset management services; SunTrust Investment Services, Inc., an SEC registered investment adviser and broker-dealer, which is a member of FINRA and SIPC, and a licensed insurance agency, and which provides securities, annuities and life insurance products, and other investment services.
SunTrust Private Wealth Management, International Wealth Management, Business Owner Specialty Group, Sports and Entertainment Group, and Legal and Medical Specialty Groups are marketing names used by SunTrust Banks, Inc. and SunTrust Investment Services, Inc.
SunTrust Robinson Humphrey is the trade name for the corporate and investment banking services of SunTrust Banks, Inc. and its subsidiaries, including SunTrust Robinson Humphrey, Inc., member FINRA and SIPC.