Teach your children to avoid the mistakes you made with money

●Apple slices and taxes— “Chances are your kids have already heard you bemoaning taxes,” Kruman says. “Get one of those vertical apple slicers, and cut an apple up in sections to represent the approximate portion of your personal tax hit— federal, state, city/township, Social Security, etc. Put those slices next to the remaining part of the apple, and that difference will stick with them.”

●Toys and depreciation— “Teach them to look at their toys and clothes,” Kruman says. “Toys wear out. Children’s toys and adults’ expensive items, such as cars, need to be purchased to replace old ones, and teaching an understanding of that principle of depreciation is essential to teaching your kids why people need savings. Help them understand depreciation by asking them to compare prices of toys being sold at a yard sale versus a similar toy being sold at a new price online or in a store.”

“Children have a lot of years to grow up,” Kruman says, “and you can give them years of age-appropriate financial lessons in their own home that will last a lifetime. Start now if you haven’t already.” Steve Kruman is a financial planner, investment advisor and insurance agent at Bryce Wealth Management. He is also a licensed attorney in Pennsylvania and New Jersey, focusing on estate planning. For more information, visit: www.brycewealth.com.