oscarnominations2017.com Reveals How to Teach Kids Good Money Management Skills
(SBWIRE) -- 08/07/2018 -- Everybody wants the world for their sweet little princes and princesses, but spoiling them to no end might be teaching them bad money management habits. It might be hard to resist buying that pony, but it probably is for the best (they will only get bored after a week anyway). oscarnominations2017.com is here to give some tips on how to teach kids healthy money management practices.
Be A Good Role Model
Probably the most important thing to think about when teaching kids healthy money management practices is having good money management in the first place! Ever wonder why Simon Says is such a popular game amongst the kids? Because they are good at mimicking others.
Frugal spending, comparing prices, and paying bills on time are all responsible money management that kids will pick up on. The number one way to teach children how to manage money well is to do so as a parent.
Saving Towards Goals
Okay, so maybe that pony topic won’t leave the dinner table. Letting little Suzie saving up for her own buying goals will teach her the importance of money management. Rather than buying kids whatever they want, give them a small weekly or monthly allowance that gives them authority over their purchases. Little Suzie will probably settle for a pogo stick pony, but at least it will be something she saved up for on her own.
As children grow into young adults, it is crucial to help them start building and maintaining good credit. Parents can share a credit card account with their children to ensure this credit build. Parents will then be able to keep track of where the credit card is used in order to maintain good spending habits among kids.
Another way to teach younger adults how to responsibly use a credit card is to get them started with a prepaid debit card. This option is for individuals who have no or bad credit, and forces young adults to spend only as much as is available.