Guide your children to financial maturity

Teaching your children about money and finances is easiest when you start early. Here's a quick review of what you should teach your children at each age if you want them to become financially competent adults.

Preschool – Skills to Teach

* Identify coins and bills; learn what each is worth.

* Understand that you can't buy everything; choices are necessary.

* Save money in a piggy bank.

Grade School – Skills to Teach

* Read price tags; learn comparison shopping.

* Do money arithmetic; make change.

* Manage an allowance; use it to pay for some of child's own purchases.

* Open a savings account and learn about interest.

* Participate in family financial discussions about major purchases, vacation choices, etc.

Teens – Skills to Teach

* Work to earn money.

* Budget for larger purchases.

* Learn to use a checking account.

* Learn about investing – stocks, mutual funds, CDs, IRAs, etc.

* Share in financial planning (and saving) for college.

College/Young Adult – Skills to Teach

* Learn about borrowing money (interest, default, etc.).

* Use credit card judiciously.

* Participate in family estate planning discussions.

Knowing about money – how to earn it, use it, invest it, and share it – is a critical life skill. It's never too early to start teaching your children about financial matters.