Monday, February 16, 2009

What Kids Need to Know - The Money Edition

Welcome to Monday ....morning. Yawn. We are on Winter Break right now and The Bug is still sleep so I thought I'd go ahead and post today's "Need To Know" message. It's about money. Something we all need more of with the state of the economy. If you have any suggestions you don't see here - please leave a comment...

  • Make a weekly or monthly budget and stick to it
  • Use an ATM
  • Open, use and balance a checking account
  • Apply for a credit card and use it responsibly
  • Save up to buy a desired item
  • Set aside money for charity
  • Keep track of important papers

Okay, so these may be geared more to the older teen - but still sound advice. Even the youngest of children can learn about giving money to charity or saving up to by something that they really and truly want. Maybe a tweener could be responsible for balancing their savings account. I know growing up I had a friend whose parents had her give 10% of her allowance for tithes (because afterall He lets us keep that other 90%) and then she had to put 10% in her savings account before she could do anything else with her money.

So what about you - how are you teaching or how did you teach your child(ren) to be responsible with money?

Tune in tomorrow - we'll be talking about clothes.


Scrappy Girl said...

I am currently failing miserably in this area. I need to step it up especially now that Manga Dork is 13.

The Source said...

Oldest and Darling Daughter have had their own accounts since about age 13. Oldest now gets overage checks from the college and uses a debit card responsibly. He also has custody of one credit card (ours) in case he ever needs an emergency tank of gas. It rarely gets used, and he pays us back. Darling Daughter has only an ATM card (which we thought had been stolen when her purse went missing.) That way she has to go to the machine and take out a specific amount of money, no guessing if she has enough.

Oldest has to pay for his car insurance, maintainence, and every other tank of gas. We supply two tanks a month. He also has to pay for any meals he doesn't eat at home and any clothing or shoes that are outside our budgeted amount.