Illustration for article titled An Age-to-Age Guide to Teaching Children to MoneyPhoto: Nadia Leskovskaya (Shutterstock)

In my experience, this is the age at which kids really get into the concept of making money on their own, if they haven’t already. They may now run their own lemonade stand (or a neighborhood franchise?) Or think of other things to sell, be it personalized drawings, hand-drawn comics, or brightly painted bricks.

My teenage nieces once set up a “shop” at my parents’ house selling their original artwork, and you’d better believe we’d all take turns going around buying tons of treasure – they even made personalized bags and receipts, a nice touch. We took some fun things home and they made a sizeable profit. (It turns out her aunt pays the highest dollar for her creations.)

If you’re ever going to have a yard sale, it will be what they’ll be most interested in – and it’s a great way to teach them how to determine the value of something, organize and display items for sale, and negotiate with a buyer. Ask them for help and share the profit with them (or divide the profit into piles that the whole family can spend, save, and give).

It is at this age that you should talk to your children about how to decide what to spend money on. “Being able to afford” and “spending money” are two completely different things, and at this age kids can really understand why you prioritize spending in one area over another. You can practice this yourself if you take her to the store with $ 25 birthday money and burn a hole in her pocket. They may have to decide if they want to buy the little LEGO set they can afford, or if they need to save a few more weeks of time to get the bigger, more impressive set – or if they want that money for a big one Want to spend toys versus multiple smaller items.

This is also a good age to introduce the concept of long term savings for larger items. Around the age of nine we started opening our son’s monthly college savings statements in front of him (the paper statements are sent to me specifically for this purpose). He is mathematically oriented and interested in everything that has to do with numbers. So every month we talk about how much has been saved, how much it’s up from the previous month, and “how much college is going to get it”, whatever his following is -up question.

I remember my own parents doing something similar to me, and not only did I appreciate that they thought I was mature enough to share with me, but it was a low key and easy way to meet some initiate rudimentary discussions about investments.