1. Get an early start

Children need to learn smart money habits long before they’re eligible for their first credit card.

• Introduce the key concepts of saving, spending and budgeting by giving young children an allowance soon after they start elementary school.
• Make them responsible for small expenditures and help them save up for a coveted bigger-ticket item.
• Open a savings account for your child and, after he or she lands that first job, open a checking account as well.
• For a more detailed guide, refer to our chart that shows what they should know at three milestone stages.

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