Money Matters for Kids

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10 Things The RICH Teach Their Kids About MONEY

You may be rolling your eyes, but it's doable, says Kristjansen. Everything is digital now so it's less tangible for kids, but they know I hit some buttons on the computer to pay the bills and are happy to be a part of it.

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Come birthdays and other holidays where giving gifts is the norm, consider giving kids money instead. This not only saves you time on shopping , it empowers kids to do the math and be shrewd.

Kids, like all humans in civilization, will come to a point when they need money. This could be for sports activities , a field trip or buying their friend a gift. Giving them an allowance is totally fine, but enable them to earn it.

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This again strengthens the understanding around how income works. Nicola pays her eight-year-old daughter for doing chores outside her normal daily tasks for instance, she does not get paid for cleaning her room or helping care for her younger brother, which are non-negotiable. And that's a problem, she has to contribute to the household like everybody else.

10 Things to Teach Your Children About Money

Kevin Klug, co-owner of Secure Retirement Solutions, suggests giving allowance after a set of weekly chores have been completed. Allowance should be issued with the understanding that some of this money can be on fun stuff, but some of it also has to go towards covering needs. This lesson can intensify as kids get older. Is it school lunches? Computer games? Extracurricular activities?

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If your child is meeting their saving goals, consider throwing in a bit more cash the next week. Many parents can relate to this scenario: your kid had money, but they spent it all at the toy store. What do you do? Keep in mind that there are plenty of less painful teachable moments when it comes to lessons about money. Young children are constantly observing — and absorbing — our behavior. You have the opportunity as their parent to lead by example and set them up to win with their money.

Want more tips like these? Sign up for our newsletter and follow us on Facebook , Twitter and Instagram. Or talk about deals, such as buying everyday staples like paper towels in bulk to get a cheaper per-item price. Could we go to discount store and get two of these instead of one? The Lesson: The sooner you save, the faster your money can grow from compound interest.

At this age, you can shift from the idea of saving for short-term goals to long-term goals. Introduce the concept of compound interest, when you earn interest both on your savings as well as on past interest from your savings. Describe compound interest using specific numbers, because research shows this is more effective than describing it in the abstract, says Kobliner.

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Have your child do some compound interest calculations on Investor. And have her read this inspiring example of someone who used compound interest to his advantage incredibly well. Have your child set a longer-term goal for something more expensive than the toys she may have been saving for. The Lesson: When comparing colleges, be sure to consider how much each school would cost. Explain how much more college grads earn than people without college degrees, making it a worthwhile investment. But remember that there are many ways to finance college other than with your own money.

Also, check out these eight tips on taking out student loans. As with any investment, analyze together whether the money put in will pay off in the end.

Money matters for kids » Manila Bulletin Lifestyle

Also research additional loans, scholarships, and grants — and use calculators to estimate monthly loan payments — on studentaid. For more information, check out ibrinfo. Gary R. The Lesson: You should use a credit card only if you can pay the balance off in full each month. It is all too easy to slide into credit card debt, which could give your child the burden of paying off credit card debt at the same time as student loans.

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Plus, it could affect his or her credit history, which could make it difficult to, say, buy a car or a home, or even to get a job.