If there's one subject that has the ability to impact kids throughout their entire lives, it’s personal finance. Below is a list of terms you can teach your children about early to get a head start on financial education:

• Saving: Having a savings can help you pay for unexpected events, as well as things you want, whether it’s an object or an experience.
• Budgeting: Creating a budget is important to ensure that you can pay for necessities, contribute to your savings, and afford some fun spending.
• Interest: Earning interest on your deposits can help you grow your money, but owing interest on dues can put you further into debt.
• Credit: While using credit is good for certain circumstances, it is important to pay it off responsibly so that you don’t incur interest and can obtain funding for future purchases, like a home or car.
• Loans: Although loans are needed sometimes, they aren't free money. Understanding that you will pay back more than what you borrowed will help you make better money decisions.
• Debt: Loans and debt can be explained together. Like a loan, a debt is money that you owe someone that needs to be paid back. Understanding how debt works will also help in terms of explaining a budget.