When it comes to teaching your children all of the best practices for high-quality personal finance skills, it is never too early to start. The earlier that you make a point to instill all of the greatest personal-finance values into your child, the better the chance that they will absorb those lessons on a fundamental level and go on to carry those habits for the rest of their lives. Following are just a few of the best ways that you can instill some of the most important personal finance values into your child early on in life.

Always Emphasize Inclusion

Teaching your children valuable personal finance skills isn't as complicated as it might seem. Even though personal finance lessons can definitely venture into more complex territory when it comes to certain topics, the most fundamental skills can be taught without needing to develop a complex curriculum. Your child may not be able to start their own TD Bank online account on Day 1, but you can still plant the seed for great fundamental skills at any time.

Rather than having to come up with a comprehensive course for your child to take at home, you can instead give your child the benefit of many highly valuable personal finance skills on a day-by-day basis with casual errands. From supermarkets to TD bank locations, everywhere presents an opportunity for a new educational adventure.

The key to optimizing how well your child learns about personal finance and the time that they spend with you is up to the degree of hands-on inclusion in money making decisions. Simply put, actively involving children in the process that you go through in order to determine what money should be spent in what way is a highly effective way to get them in the right frame of mind for managing their personal finances independently. From TD online banking to grocery item selection, every aspect of financial management can be better-supported with hands-on involvement early on.

Before you start teaching your child how to check their credit score and manage a TD Bank online checking account, start with the brick and mortar locations.. Take your child along with you in the grocery store as you pick out different items and make a point to have them choose something as well.

When they choose an item, ask them what led to the decision to take that item in particular. Have a child work through all of their logic in terms of what constitutes the things that they need versus the things that they want. Based on how they pick up on the ways that you differentiate between needs and wants, you'll be able to see how their decision-making improves as you continue to give them more agency.

Naturally, it may take more than just a couple of short trips to the store to get your child perfectly within the right frame for choosing the right things from the shelf; however, patience is a virtue for having the improvement process run its complete course.

Given enough time to practice, your child will learn to associate the aspects of things that they purchase with qualities that either make them either necessities or simply things that they want. With simple practice in picking and choosing things from the store, every other aspect of financial management (from TD online banking to stock market research) will be that much better down the line.

Age-appropriate approaches

Children of different ages learn things at different rates. Knowing that your child may or may not be more or less receptive to certain lessons because of their life experience level, you will definitely want to take age into account when it comes to how exactly you pass on your personal-finance knowledge. Before you start taking them to TD bank locations, locate where the child is on the developmental scale.

Though hands-on inclusion will always be a vital part in getting children actively into the frame of mind for better money management, there will be a different ideal approach that you should make to children who are between two and three years old compared to those who are between eight or nine years old.

Extremely young children between the ages of two and three will be the most likely to determine the value of things entirely superficially, generally as a matter of either size or shininess. It's no use in trying to instruct a child in how to manage a TD bank online profile before they've learned to dissociate external value from internal value.

Even though young children may not necessarily be able to comprehend the full gravity of money and its importance, you can still teach them how to identify certain indicators of value by having them do little illustrations of coins and dollars to build up their ability to "visualize" monetary value. Having your child draw pictures of money while teaching them the names can be a great way to get them more inculcated with value of different currencies on sight.

After ages two and three, children between the ages of four and six will be old enough to be entrusted with cutting out coupons and identifying objects in the store. Once they are old enough to earn their own allowance, they could even accompany you on trips to TD bank locations to open their own small savings accounts.

The preteen years are a good time to begin teaching children about the concept of price density per survey or unit in differently sized packages of products. At around 12 or 13 (with a history of consistent practice), they'll be competent enough to understand the basics of things like TD online banking and can move on to more complex mental representation exercises.

In the child's teen years, you can introduce more complex concepts related to the stock market with companies that they find relevant to their interests as hypothetical representations of shares in the economy.

By the time that your child has reached their late teens, they can have the most effective principles of personal-finance ingrained into their minds on an intuitive level if you are consistent in keeping them involved in the above age-targeted exercises.