Comments on: 5 Basic Concepts To Teach Kids About Money

By: Insure

Insure — Fri, 09 May 2008 10:16:18 +0000

I was looking for something else when I saw your blog.Great Post.Thank you!

By: checks checks checks

checks checks checks — Fri, 09 May 2008 06:59:53 +0000

Put "fun" in your finances! That's one way of teaching kids how to save money! I do it by ordering my personal checks online and I get to put some creative images up front. My kids learned how to do bank transactions (deposit only, of course, with my proper guidance)because of my Mickey mouse checks, Tinkerbell checks and My LIttle Pony checks! If you want to take a look at more of these 50%-off unique checks, click here .

By: Bruce Point

Bruce Point — Sat, 19 Apr 2008 23:34:21 +0000

I think you should emphasize the value of living debt free. We live debt free and we expect our kids to do like wise.

We also emphasize money comes from work.

Our kids have their own checking accounts and they must be in balance at all times. We give them money they earn each month and it can be used for everything including clothes and entertainment. When it is gone it is gone. After a couple of times of spending too much on foolish items the pain of being broke sends an important lesson.

We also emphasis the evils of credit cards and consumer debt.

Ten percent of all they earn must saved or invested.

The lessons and examples you provide now will protect your kids and family in the future.

Good message

By: Husbandhood

Husbandhood — Fri, 08 Jun 2007 16:55:48 +0000

I agree that Rory. I like number three.

I also find that #5 is extremely important. I’ve asked my dad many times to teach about investing when i was in high school and he kept saying I’m not ready.

Investing and finance is something that should be tauhgt in school. Unfortunately, we only really learn about it after we finish college once we are on our own.

By: Rory

Rory — Wed, 06 Jun 2007 05:10:14 +0000

I like this gentle advice. I am particularly in favour of #3 – give them an allowance to spend on these essentials. The other four suggestions will naturally follow as they begin to learn the ins and outs of handling money.

Thanks for this.

By: credit card tutor

credit card tutor — Fri, 27 Apr 2007 06:23:40 +0000

I agree. We should teach our children to use money and credit cards and do it from the earlier childhood. Children can take valuable lessons of money use through the interaction with parents. Take them to supermarket or bank. Such every day activities can teach kids about money and budgeting. There are really varios number of methods. You can invent your own and more effective way to educate your child and see the results. Good luck!