7. Teach Kids about Money Early

Don't wait until your children are in their late teens to teach them money management. Start early, perhaps when your child is five or six years old. Give them a weekly allowance, and then stress the importance of saving a little and spending a little.

As a parent, you have to deal with the cost of raising a family. Additionally, it is your responsibility to instill good money habits in them. This can be tricky, especially if you don't understand money topics yourself. But if you familiarize yourself with personal finance, you'll be in a good position to teach your kids about budgeting and saving. What are other important financial steps for parents?

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