Not sure how to talk to your kids about the importance of well-managed money? No problem. Try this guideline of topics to discuss as they grow.

Teaching your child about money and finances is easiest when you start early. Here's a quick review of what you should teach your children at each age if you want them to become financially competent adults:

Preschool

• Identify coins and bills, and learn what each is worth.
• Understand that you can't buy everything (choices are necessary).
• Save money in a piggy bank.

Grade school

• Read price tags, and learn comparison-shopping.
• Do money arithmetic (make change).
• Manage an allowance, and use it to pay for some purchases.
• Open a savings account and learn about interest.
• Participate in family financial discussions about major purchases, vacation choices, etc.

High school

• Work to earn money.
• Budget for larger purchases.
• Learn to use a checking account.
• Learn about investing — stocks, mutual funds, CDs, IRAs, etc.
• Share in financial planning (and saving) for college.

College

• Learn about borrowing money (interest, default, etc.).
• Use credit cards judiciously.
• Participate in family estate planning discussions.

Knowing about money – how to earn it, use it, invest it and share it — is a critical life skill. It's never too early to start teaching your children about financial matters.

 As always, feel free to pass this Tip along to friends, and reach out if you need help with your personal tax and finance situation.