You gotta get them on a budget, if your kids don't understand how important it is to save money, how are they ever going to learn to do it? If you can get them to understand it on a smaller level, then when it comes to astronimcal (and I mean it!) prices, they'll start to get it. But you have to start isntalling them with a sense of budgeting their funds.
Agree, start early. Compound interest is based on time. The sooner our kids learn about it and money in general, the better they will be off later on. Love sites like icreatekid.com (earn money through their artwork and get to start managing their own money) and like the mint.org site too.
Also, I introduced my daughter to a bank account with a debit card that I was linked to. She and I checked the balance and planned a budget. When she had her first part time job she received money direct deposit. I showed her my expenses in running a household - mortgage, insurance, utilities, fun money, grocery, gas, etc. She then realized the value of a dollar once she was making her own. She thought twice about buying clothes and makeup when she knew the money would run out soon. I explained to her that I am on a limited budget and would need her to begin to save for a car and college.
I had my son open a savings account about 12 yr old & it was necessary for him to work as a teen since I was a single parent. He made some extra pocket money that way. Later I gave him the ultimatum at 18 that he needed to work FT to help out with household expenses & help pay for his schooling. He's since become a very responsible guy, has a better credit score than I do & even helps me out when I need it. xx
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CraigK
You gotta get them on a budget, if your kids don't understand how important it is to save money, how are they ever going to learn to do it? If you can get them to understand it on a smaller level, then when it comes to astronimcal (and I mean it!) prices, they'll start to get it. But you have to start isntalling them with a sense of budgeting their funds.
tlvcorp
Agree, start early. Compound interest is based on time. The sooner our kids learn about it and money in general, the better they will be off later on. Love sites like icreatekid.com (earn money through their artwork and get to start managing their own money) and like the mint.org site too.
sunnykathleen
Also, I introduced my daughter to a bank account with a debit card that I was linked to. She and I checked the balance and planned a budget. When she had her first part time job she received money direct deposit. I showed her my expenses in running a household - mortgage, insurance, utilities, fun money, grocery, gas, etc. She then realized the value of a dollar once she was making her own. She thought twice about buying clothes and makeup when she knew the money would run out soon. I explained to her that I am on a limited budget and would need her to begin to save for a car and college.
justamom
I had my son open a savings account about 12 yr old & it was necessary for him to work as a teen since I was a single parent. He made some extra pocket money that way. Later I gave him the ultimatum at 18 that he needed to work FT to help out with household expenses & help pay for his schooling. He's since become a very responsible guy, has a better credit score than I do & even helps me out when I need it. xx