Financial Milestones for Kids

What children should know about money at different ages from preschool to college.

I was recently interviewed by a reporter who wanted to know when children should get various money privileges and responsibilities -- such as starting an allowance, opening a bank savings account and budgeting for expenses.

That got me thinking that readers of this column would appreciate such a list, too. I've expanded it to include a timeline of financial milestones for kids, from preschool to college.

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Janet Bodnar
Contributor

Janet Bodnar is editor-at-large of Kiplinger's Personal Finance, a position she assumed after retiring as editor of the magazine after eight years at the helm. She is a nationally recognized expert on the subjects of women and money, children's and family finances, and financial literacy. She is the author of two books, Money Smart Women and Raising Money Smart Kids. As editor-at-large, she writes two popular columns for Kiplinger, "Money Smart Women" and "Living in Retirement." Bodnar is a graduate of St. Bonaventure University and is a member of its Board of Trustees. She received her master's degree from Columbia University, where she was also a Knight-Bagehot Fellow in Business and Economics Journalism.