4 Things You Need to Teach Your Kids About Money

Nowadays you can find a plethora of information about financial literacy on the internet.  With your busy schedule are you teaching your kids what they need to know regarding money?  Check out what kids are doing these days at Fin Lit Biz Park!



Imagine holding a small box in your house.  Whenever your child earns money, place the money into the box.  When the child needs money, they are required to write down what they spent the money on.  Then, at the end of each month, you can go through the withdrawl papers and ask the child why the spent the money.  You may also talk about their earnings for the month.  Rather than tell the child what they should or should not have done, have an open discussion and find out what they want.  Then, help them to get it.  This practice will develop good habits and sooner or later, they will ask what should I have done or what can I do?  Wait until they ask.

Here are 4 things you can cover with your kids today:

1. Teach them how to avoid credit card debt
2. Teach them about the power of earning interest
3. Teach them that investing is a part of saving for retirement
4. Teach them that they should save money to pay cash for a car

Is your child's financial future important enough for you to do this?  Don't you wish your parents did something to teach you?

This post was reposted from http://finlit.biz/debt/4-things-you-need-to-teach-your-kids-about-money/, originally written on February 12th, 2013.