Let’s face it. Your kid’s piggy bank isn’t cutting it any more.
Sure, it was a fine first introduction to the most rudimentary concepts of money, but your kid is a smart cookie. Basic lessons learned.
So when are you going to take your kid’s money IQ to the next level? Your youngster is perfectly capable of grasping the following and more:
- How bank accounts work.
- How to track income and spending as numbers instead of coins.
- How to avoid costly debt.
- How to put money to work with compound interest.
- How to allocate money to specific financial goals.
That sounds like a daunting parental task, but it doesn’t have to be.
You can do it all with a simple spreadsheet. That’s how I started out with my kids, and I’m not alone. The wildly popular financial blogger Mr. Money Mustache is doing the same. He’s using his “Bank of Mr. Money Mustache” spreadsheet to teach his young son about money too.