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Teaching kids how to manage money | Money Smart

Experts say it's important to teach kids how to earn, spend, save, and invest money

HARRISBURG, Pa. — Giving your kids hands on financial learning can help set them up for success later in life.

"Kids learn best by doing this stuff," Gregg Murset, CEO of BusyKid, a children's money management program said. 

He says it's time to throw those piggy banks away and teach your kids how to manage money the way it's done in 2021. 

"If you're like 'Okay, let's get the piggy bank out and put it on your dresser,' it's old school and more annoying," he said. 

Besides BusyKid, there are tons of apps and programs you can use to teach your child how to manage their money. Murset says it all comes down to three simple steps:

  1. How to save 
  2. How to give
  3. How to spend

"If every time a Tesla drives by and your kids say 'Hey, look at this cool car,' let them invest a little bit of money into Tesla," Murset said. "So, they not only see the cool car but they also see what's going on under the hood per say." 

Murset says once kids are in charge of earning and spending their own money, you may see their mindset shift. The toys or gadgets they swore they needed, may no longer be the most important thing to them.

During this learning process, it's important for parents to keep it simple, not get overwhelmed, and be honest about money.

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