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Teaching Financial Literacy

Here’s a quick guideline for teaching your child about money management. Earl M. Moton, president and CEO of E.M.O. Financial Services Inc., and Sheryl Ridley-Dorsey, author of Money Management for TEEN$ (Teen$ & Kidz Publishing Co.; $13), offer these tips:

Age 3 to 5: Teach your child the value of money (it is used to make purchases). Also discuss needs versus wants.

Age 6 to 9: Place a piggy bank in your child’s bedroom so he or she can see it and begin to understand the concept of saving. Incorporate money games to make learning fun; has a wide selection.

Age 10 to 12: Open a savings account at a bank. At this age, kids are better able to understand the return on their money. Now is also a good time to go over the basics of budgeting and buying stock.

Age 13 to 17: Emphasize responsible credit management. If you allow your teen to have a credit card, make sure it has a low balance. This will reduce the temptation to overcharge.

Age 17 and up: Encourage your child to continue developing money management skills by attending workshops and reading books.

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