‘Tis the season to teach kids about money

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VANCOUVER (NEWS1130) – We’re right in the the thick of the Christmas shopping season, meaning it’s the perfect time to teach your kids about how to spend money.  

One of the most important lessons to be learned is understanding how to budget.  So, explaining to kids that if you spend so many dollars on this person, you’ll have to spend less on someone else.
    
Scott Hannah with the Canadian Credit Counselling Society says the best age to start teaching kids is around six-years-old and by 11 they should be able to shop and make smart decisions on their own.  

“I have two teenaged boys and again each year we help them understand there are limits and urge them to keep track of their spending as they go along so they don’t find themselves out of money,” explains Hannah.
    
This method of teaching is beneficial for both kids and parents, but more often than not, for mom and dad who end up learning about their own finances.
    
“And when you really think about it; ‘What’s the message I want to give my kids?  One, that it’s OK to spend providing you have the money to spend it and we shouldn’t be spending all of our money because there are always unexpected expenses.'”
    
He says it’s also a good time to teach them about debt and to remember to account for giving to charity and those less fortunate.

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