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4 ways to keep your kids out of financial trouble

by Joshua D. Scroggin
April 12, 2016
5ways

As a parent, teaching money management to your kids can pave the way to a bright financial future. Learning simple skills now may not only keep them out of debt later, but help them make smart choices about saving, borrowing and more.

Since April is Financial Literacy Month, here are some things you can do to ensure your child grows up with a basic understanding of financial management:

1) Give your children income

Whether they get allowance or earn money for chores, kids need money to manage money. Give them the opportunity to make decisions with their cash.

2) Needs vs. wants: explain the difference

Obviously, you’ll cover the necessary expenses (food, clothing and shelter). But if children want brand-name sneakers or a new video game, they should pay for them. This will teach them to make a budget and set a savings goal.

3) Actions have consequences

If your son blows all his money on the latest video game and can’t afford that scooter, resist the urge to bail him out. Let him wait until he can afford it.

4) Help your kids become smart shoppers 

Introduce them to the concepts of coupons and sales. Show them how the same item can differ in price depending on when and where you buy it.  

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