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Money Education for Eight to Ten Year Olds
At this age, give annual raises for allowance and open a savings account. Give opportunities to earn extra money for extra chores. A visit to the workplace can open discussion on where the money comes from and how it is earned.
When they have a basic understanding of math, show your children how to comparison shop with these activities. While grocery shopping, ask your child if it is better to buy 24 Popsicles for $1.99 or the fancy red, white and blue ones that are 12 for $1.50? Also, have them scour the store and let them pick one item they really want. Consider letting them plan a lunch for their friends and help them pre-plan with a budget, shopping list, and trip to the grocery store.
Explain how the family gives up some purchases in order to save for others. For example, you may have to cut back on eating out to save for vacation.