Reply to Best way to teach kids about money

Forum Index » Money and Finances

Reply to "Best way to teach kids about money"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous]We started our girls off with their own change purses when they turned 4.  Anytime they received a gift from a relative they were given that amount to spend...in cash.  We explained from a young age that we would always provide for their needs.  This opened the door to important conversations such as regular pencils are a need but a 10 dollar mechanical pencil is a want.  They always had a bit of money as they have very generous grandparents.

As tweets and teens we gave them a budget for clothes and school supplies twice a year.  They made all the decisions as long as they had everything that they were required to have.

My oldest is now 17 and has a job.  She is mandated to save half of each pay for later and can spend the rest as she sees fit. She has a bank account and a debit card and even does a bit of online shopping. She also can borrow from her savings, with interst that is paid back to herself, but only one loan up to 100 dollars is allowed.  We did this to teach her how interst and debt works.  Interestingly, she only took out 1 loan and realized it was cheaper and better to save.  This year, she will file taxes with our help.

This worked for our family mostly because we talked a lot about how to budget, what happens when you spend everything you have, and how to save.  We also stand firm when they are broke and have a want.  [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics