Teaching Kids About Credit

We've talked about the importance of teaching kids about finances and money in the past, so we were interested to read this informative article:

Teaching Kids About Credit

As the author astutely points out, children are highly unlikely to learn about credit cards in school, so it is down to us as parents to teach them what they need to know - ideally well before they are old enough to get into any financial trouble.

Other resources available on the site include a free book all about how to raise credit score in order to improve your chances of obtaining a loan or other credit.

Money management for kids

Hello all parents,

With the start of the new school year comes the opportunity to give your growing child new responsibilities. Learning to handle money is a very important lesson, and if this is something your children are ready to start getting some experience with, you may be interested in some of the resources on the kids goals website:

An introductory worksheet on Money management for kids
Money management for kids article
Chores and allowances article

Happy parenting,

Cassie

Teaching Kids about Money Management

My fifteen -year - old daughter, who has Asperger's started her first job a few weeks ago. She was determined to stick it out even though apple thinning in an orchard is not exactly a glamorous job, especially in the heat of the BC summers. But to her credit, she persevered it and last week received her first paycheck. She was thrilled, and I took her to our local bank and set up an account for her, complete with a debit card. She deposited the check with a big smile on her face

She has a goal of saving up for a tablet PC, some kind of newfangled computer that she found online that doubles as a lap top or can be set up like a regular PC, and they don't come cheap. Starting at about $1500- $3,000+. Every cent she makes is going into the bank until she has the money to buy her dream computer.

Money management does not come easy for children and it is up to parents to teach your children about savings, rather than blowing every cent they get. As soon as your child has an understanding about the concept of money,, it is a good idea to set up a savings account that they can put a portion of their allowance in or save for something they really want such as a bike or computer game.

Happy Money Management

Monicka

Money Management for Kids

My 17-year-old step-daughter Sam was so thrilled to get her very first paycheck the other day that she took a photograph of it for posterity. Her dad is very keen to teach her how to budget, and generally about money management; as she is living with us (and hopefully will stay a long time!) her expenses are low and it is an ideal time to help her set up a savings habit.

Kids can start learning to save much younger of course. A piggybank is a wonderful learning tool and I think every child should have one! Once they have saved up enough, why not take them down to the bank and show them how to open a bank account. Learning to be responsible about money at a young age will pay off big-time when your kids grow up.

Happy parenting,

Cassie