Tips For Educating Your Kids About Money

Bankrate has put together 4 lessons you should teach your kids about money.

If you haven’t learned these yourself, you might want to give them a once over before you start preaching to junior.

Bankrate’s 4 Lessons:

4 fiscal lessons you need to teach your kids [Bankrate]
(Photo:pdxsurreal)

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  1. no.no.notorious says:

    …duh

  2. Cowboys_fan says:

    How about making your kids WORK for what they want, thats what I had to do. No credit, work first, then get paid. Force them to save their own money. Don’t give them anything, make them earn it all. Not only will that install good money habits, but it will also install a good work ethic, a quality thats seriously missing in today’s society.

  3. bohemian says:

    The best money lesson I taught my teenager was to give in and get him the cell phone he had been begging for. I got one of the Virgin Mobile pay as you go phones. The level of extra fees and per minute charge was lower than most.

    Why it was a good financial lesson:
    The deal was I bought the phone and the first $20 minutes card. He had to supply future funding for more minutes. Everything I had told him about how various things suck your money month after month and how frustrating it can be to have to deal with customer service or monitor account activity suddenly became crystal clear.

    His main complaints was poor customer service when he had issues via the company. The fact that he is broke due to not being proactive enough about getting a summer job and how fast his money was gone if he didn’t monitor his spending.

  4. miborovsky says:

    In other words… live within your means. Now, how hard could that be?

  5. Kalik says:

    I don’t understand why so many people nowadays can’t manage their money. My parents tought me just a few simple things.
    * If you can’t do your chores, you won’t get allowance.
    * Parents won’t get you everything you want.
    * If you don’t have the money to pay for it, you can’t have it – meaning, even if you have a credit card, if you don’t have the means to pay the bill, then don’t get it!

    How hard is it to stay out of debt?! What do these people buy?!