5 tips for teaching your kids about money

(NC) Many parents today believe their children will face greater financial challenges in life than they did, especially when it comes to achieving major milestones like buying a home or retiring. One way to help set your kids up for success is by talking about money and teaching them good financial habits early.

“By fostering an open dialogue about finances, parents are not just teaching their kids about saving and budgeting, they’re helping them to build a more secure financial future,” explains Emily Ross, vice president of everyday advice at TD.

Here are some tips to get started:

1. Create age-specific finance goals. Tweens and teens can work towards a bigger purchase, like a new laptop or special activity. Younger kids can save birthday money for a toy or learn about saving money at the grocery store by comparing prices of items.
2. Provide an allowance. Consider starting with a small amount, and chat with parents who have kids of a similar age to see what they’re giving. You can consider connecting the allowance to completing chores like setting the table or vacuuming.
3. Take your child along on bank visits. If you’re looking to start your child’s saving journey or have a teen who’s ready to take the next step towards their financial goals, you can speak with a personal banker at your branch.
4. Check out online resources. There are online resources and games that can help build financial literacy at home for kids as young as three years old up until the age of 18.
5. Develop a budget together. Look for money management tools. For example,TD has MySpend, which can help teenagers who have a debit or credit card account create a budget and work towards their saving goals.