Teaching a toddler about money promotes future financial success

Teaching toddlers about money

RICHMOND, VA (WWBT) - Cash is king -- but think about it, your children rarely sees you use it.

They watch you pull out a credit or debt card, which is why experts say it’s important you make an effort to make sure your kids understand the value of money.

Introducing children to basic concepts early can set them off on the right financial path.

Cherry Dale with the Virginia Credit Union says children as young as 3 and 4 years old are a great place to start.

She says depending on the child, you don’t necessarily have to cover how much each coin is worth, but the basic concept of counting coins is a good start.

And she says making sure they understand the basics about money will help later in life.

“If you have a hundred dollars for the week in front of you versus a hundred dollars on your debit card, it looks a little different. And it feels more expensive when you’re spending your money if you’re spending it in cash,” says Dale.

Maybe get a jar of marbles and reward good behavior by telling your child that once they collect “10 marbles” they will get a prize or treat.

Simple concepts can teach children the idea of savings at a young age.

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