Getting children involved in the family finances while the parents are still able to oversee things is a smart way to instill good behavioral patterns that will last once they are out on their own.
My parents have always been financially responsible. From an early age, my parents tried to teach my siblings and I the importance of saving by opening youth savings accounts for us.
We each had piggy banks and regularly my parents would drive us to the bank to deposit the pennies and dollars we had collected from birthdays, holidays and any loose change we could find lying around.
Saving wasn’t something I felt was that important; I felt I had time to save later. That didn’t stop my parents from advising me on my finances.
I owe everything I know about personal finance to my parents. From saving money to paying bills and budgeting, my parents did me a great service by teaching me all of these from a young age.