![Several less-than-obvious strategies and tactics can help you get your finances in better shape for retirement. [Susan Tompor/Detroit Free Press via Imagn]](https://i0.wp.com/vnews.com/wp-content/uploads/2025/07/3b02dcbc-5ec5-411d-ae15-c575d08233ad.jpg?fit=666%2C500&ssl=1)
Here’s what you can do to introduce the concept of money and build financial literacy in your children.
Start introducing the idea of money as part of an exchange. Play store with your kids and support them in reaching small savings goals.
Introduce the concepts of wants versus needs, and “sleeping on” a big decision. Build family values around saving, spending and consumerism. Invite kids to make choices with money, such as choosing a new toy or an activity when they’re asking for both. Open a savings account.
Involve kids with family budgeting and bill paying.
Encourage them to be educated consumers when it comes to advertisements and marketing. Start talking about the power of compound interest.
Use the high school years to prepare your child to live financially independently. Talk about the importance of spending within their means, and discuss debt, as a tool and a danger. Make sure kids know the basics of budgeting credit and managing accounts, and set expectations for what — if any — financial support they can expect from you after graduation.
— Adapted from “Kids and Money,” by the Vermont Office of the State Treasurer