Teaching kids money management lessons – WKOW

(WKOW) — It’s never too early to start teaching kids about how to spend, save, and invest their money.

Sunday on Wake Up Wisconsin Weekend, J.J. Wenrich, a certified financial planner and author of “Teaching Kids About Stock: Stories and Lessons for Grown-Ups,” shared ways parents can incorporate money lessons into their children’s lives early on.

“If you’re going shopping and talk about the prices of things if kids are spending money on things that they want for themselves, talk about the prices,” Wenrich said. “Just have those conversations whenever there is money changing hands because if they’re not taught these things at home, they might not get taught them.”

Wenrich also suggests talking to kids if they get cash as a monetary gift. It can help them learn spending habits early on.

“Just like grown-ups, it’s good to talk to kids about having a plan for how they want to spend it. So they don’t just spend it spur of the moment,” he said.

Watch the full interview with Wenrich for more ways about teaching kids financial literacy.

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