Gift card guidelines: Financial lessons you can teach your kids while they shop

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MILWAUKEE -- Turns out all those gift cards you have laying around right now can get you more than a sweater or a new video game. They can be a teaching tool for kids. Financial expert Nick Foulks with Drake & Associates joins Real Milwaukee with five lifelong lessons your kids can learn while spending their gift cards.

  • A gift card is an opportunity for a child to experiment with plastic in a controlled way and begin to understand how to budget.
  • It's also a chance to teach your child to be selective about choices and learn to walk away if you can`t find exactly what you want.
  • You can start teaching kids about money as early as three years old.
  • Financial topics could seem challenging at first, but you`ll be surprised what children can absorb. From about age five, children can understand saving and spending.
  • As they get older they can learn about budgeting and even investing.