Expert offers advice for teaching kids about money

Important to explain where it comes from, how to manage it


When is the best time to talk to your child about money?

Kansas State University financial planner Elizabeth Kiss said as soon as your child starts talking about it.

That could be as early as age 2 or 3.

"Certainly talk about it as if you're comfortable and get them aware of money," Kiss said. "It doesn't come from a hole in the wall. You don't just drive up and get it or you don't just use a card, that it is actually related to the paper stuff that they see because that abstract concept is also difficult for them."

Children should have a good understanding of money by fourth grade and be able to compare the price of an item at different stores.

Kiss encourages parents to give their child some kind of steady money, no matter how small.

It's the regularity that teaches us how to manage it.