- Start young kids off with real money before introducing them to the digital world of money.
- Make sure kids know that using digital money is not a game and will have real consequences.
- Introduce teens to safe digital spending using financial tools, such as debit cards.
Medium of exchange
Language is one of the early experiences a child will have with abstract, symbolic concepts. And if a child can work that one out, they can work out that silver coins and green pieces of paper can be exchanged for things they really want. The question is: When do they understand this?
If you ask your children what Mommy or Daddy do with money, and they can answer "buy things with it," then they've grasped the basic concept of using money as a medium of exchange.