25
|
What Kids See |
What They May Think |
What Parents Can Do |
|
Plastic is King |
You don’t need money to pay for things, as long as you have a wallet full of credit cards. |
Ask your child or teen to hold on to a credit card receipt until the bill comes. Then show how everything is paid all at once at the end of the month. Explain how interest charges work and how quickly they can add up. |
|
Shopaholic Syndrome |
You don’t need to save up to buy something. Just go get what you want. |
Ask your child to save their own money for the latest video game or a new pair of jeans. Encourage regular saving by matching any funds put in a savings account. |
|
Buried Bills |
You can pay bills whenever you get around to it. |
Whether you pay your bills by check or online, ask your child to help you get organized. Discuss bill-paying basics, such as due dates, late fees and the importance of paying bills on time. |
|
A Money Tree |
We go to the ATM whenever we need money. |
Put all spending money for the week in an envelope, and have your kids help you take money out until it’s gone. Don’t refill the envelope until the next week. |
|
Money Madness |
Money is scary because it makes Mom and Dad anxious and they fight about it. |
As your children grow older, let them participate in family discussions about money. If you need to cut back on spending, ask your children what they might do to help, which may include helping around the house more or choosing to watch TV versus going to the movies. |