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5 lessons you need to teach your kids about money

2. Every purchase has an opportunity cost

Teach your children to know that money is finite and that any money spent on an item won’t be available to buy another item.

Children also need to know that money is finite and that means money spent on an item won’t be available to buy another item.

The best and easy way to teach this lesson is to involve your kids in everyday financial decisions. Take them to grocery stores, ask them to decide which one to buy two items with the explanation that money for both is not covered in the budget.

Putting them through a situation like this will teach them some lessons about opportunity cost and how to make a choice between two alternatives.

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