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Teach Kids by Setting a Good Example
Kids learn many things in school, but it's up to you to cover financial basics.
Set an example for your kids in the way you spend and save. Your good money handling
will rub off on them. Discuss financial matters openly so kids get the sense that
communicating about money is good. Here are a few topics you'll want to cover:
- Smart spending - Teach your kids how to prioritize purchases and
comparison shop—clothing stores are great training grounds.
- Saving - Having a savings account is a must, and you need to shape
your child's attitude about saving. Make saving fun for younger children with piggy
banks. Motivate teenagers by discussing long-term goals, such as buying a car or
paying for college.
» Savings Accounts
- Account management - Walk your teenager through the steps of balancing
a checkbook, and talk about the responsibility that comes with opening a checking
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- Credit - Before your child is ready for a credit card, talk about
how credit works and point out the costs of debt. When the time is right, help them
choose a card with no annual fee, low credit limit and low rate, like a UW Credit
Union Visa® card.
» Credit Cards