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Video Blog: Teaching Kids About Money

Posted by Admin on 10/9/2015

Let’s talk about teaching kids about money.

For kids under 4, it’s easy.  Just teach them not to eat it.

After that, they’ll probably start asking you to take them to the toy store for something.

THAT’s when it’s time to start giving them an allowance.

Insist they split their allowance up for charity, savings, and spending.

Don’t link allowance to household chores, or pay for good grades.  Those things should be expected.

By age 13, they can make money with side jobs, cutting grass or babysitting. 

You can also introduce them to the stock market at this point.   Have them pick a stock and track an imaginary share to see how it works.

And you should be talking with them about what they could do for their first real job.

Usually, you have to be 16 to get hired somewhere.  But once they have that job, let them know the bank of mom and dad is closed.

Also help your teenager set up their own checking account with a debit card.  That way they can get used to using a card responsibly instead of cash.

Remember, to your child, a little instruction is like money in the bank.

Do us a favor.  Tell your friends about us so they can be smart about their money too.

Topics: Saving

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Feel free to peruse about. Here you’ll find stories, posts and tools aimed to assist you as you’re faced with daily to once-in-a-lifetime financial quandaries. This is your SmartLab (lab coat optional). We want you to get the most from our articles, and we welcome your ideas to help us continue to bring valuable content to you. Check out the comment section at the bottom of every post for easy ways to share feedback. We’re learning, too, and what better way to encourage smarter banking than to share tips and resources with each other? Not to mention, it’s a great chance for us to get to know each other!

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