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Teach your children about credit and money, it will help them as they grow older.
These lessons can be some of the hardest to impart to your kids. It may take some time and repetition to get through to them
- Kids need to learn that things aren’t free. they need to work for them. Allowances for chores can help. When I was young I wanted an expensive football. My mother didn’t give me the money. She gave me the address of a candy wholesaler. I went there and started selling Hershey Bars and candy bags door to door. I did this for long after I got the football and always had some spending money.
- Secure your money and keep it in a safe place. Always know where it is. A piggy bank or a real bank is a good lesson.
- Save for future purchases. Understand that a trivial purchase today may impact your ability to buy things that you want later.,
- Don’t borrow unnecessarily. Big purchases like a home or a car are worthwhile debt, but credit card debt for routine purchases is not smart.
- Understand the limits of your finances. Overspending your income will lead to interest expenses and fees.
- Look for ways to get what you want for less money. Shop around, use coupons, and shop sales.