Topics to discuss with kids:
- Saving vs spending. You have a limited amount of money. You can't spend all of it. You need to save some of it, at least 10%.
- Delayed gratification. "You can't always get what you want" Jagger/Richards. They need to learn patience and how to save up for something they want to purchase.
- Savings - get them a piggy-bank or an old jar to save money in. Open a savings account and teach them about interest.
- We don't do allowances, they get fed. But consider allowances, and use them as a way to teach them to work for money and what to do with the money they make.
- Teach them to give of their money and time. Have your kids give away some of their own money.
- Be careful using credit cards around them. They will think that whipping out a card is all you have to do to buy things.
- Teach them about credit cards. Make sure they know not to use them unless they have the money to pay them off in full each month. That they will have to pay interest (a lot of interest) if they carry a balance.
- Teach them that it's better to use cash or debit cards for purchases.
- Teach them how to shop (take them to the grocery store). I know shopping with kids can be more painful than watching a Miley Cyrus video, but take them with and teach them how to comparison shop and how to stick to a list of items that you need. This will also teach them some math skills. Have them hand the money to the cashier, not a credit card, and make sure they get the correct change.
- Teach them how to balance a checkbook.
- Teach them how to make a budget. And why one is important.
- Teach them to protect their financial and personal, data. Be careful who has your SSN and account info. Be careful shopping online.
- Teach them about legalized thievery. Taxes.
- Explain how loans work: mortgages, cars, student loans.
***all posts applying to my family only - your results will be different***