Consider opening a checking account for your child. This can help them learn how to manage money. Teach them how to deposit and withdraw money from their account and how to use their debit card responsibly.
Saving is an important financial tactic. It encourages children to value their money and to prepare themselves financially for anything. It also teaches them about goals because they can save up for something important to them.
Encourage children to read books about personal finance and goal setting. It doesn’t have to be anything complex. Find age-appropriate books for your child to help them understand and relate finances to their own lives.
Be transparent about how much things cost. Show them the price of things in the grocery store. This helps them understand early that everything has a price attached to it in our economy. They’ll value money as a resource earlier this way.
These tips can give Black children an advantage in adult life. Our country’s capitalist economy is confusing and works to keep our people financially destitute. Preparing our children with good money habits can help them avoid future financial missteps.