Financial Friday: Teach Your Kids to Be Money Savvy

(VIDEO) When kids start saying, "I want (fill in the blank)", it's time to teach them financial basics. You can start by being transparent with your children about money. Lay the bills in front of them and show how much income you make and how much it costs to run the household

Join our Financial Friday series hosted by fitness star Drew Canole.

Today we focus on how you can help your kids live successful, prosperous lives. From a very young age, children become aware of money and how it affects the household. It is important to approach the conversation about money with them intentionally and in a positive way.

Between the ages of 3-5 kids are going to start saying “I want (fill in the blank)”. This is an excellent time to start teaching them that we don’t just get things we want out of thin air, we have to exchange money for them. doesn’t grow on trees!!

Even very young children can begin to learn simple concepts about money and how it works. Make it fun. Get them involved when you are paying for groceries or gas. Get them a piggy bank. Open up an ongoing conversation about money.

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My 5 year old never stops asking for toys and things but my 10 year old never asks for anything. It's such an interesting dichotomy.