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The Family Piggy Bank The Family Piggy Bank

Do you teach your kids about $ and credit?

Posted by on Jul. 5, 2011 at 4:18 PM
  • 10 Replies

if so how?

by on Jul. 5, 2011 at 4:18 PM
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Replies (1-10):
JasonsMom2007
by on Jul. 5, 2011 at 4:20 PM

My son just turned 4.  The closest we have gotten is talking about how the bank gave us a loan for our house and now we have to pay them back plus some for loaning it to us.

sdgd21
by Bronze Member on Jul. 5, 2011 at 4:50 PM

i do, they get allowance for one so they understand about cost. they are required to save and give (10% savings 10% giving). at age 13 I cut their allowances and the have to earn money. we also have classes about budgets, credit ect.

singlemomof2nok
by Bronze Member on Jul. 6, 2011 at 10:21 AM

 We talk about $, not so much about credit.  They are a little young to understand that

thenguyenclan
by Bronze Member on Jul. 6, 2011 at 11:16 AM

i dont teach my kids about credit...they're too young to know about that kind of stuff...but we are trying to teach them the value of money by buying things and making sure they take care of those things 

lalasmama2007
by on Jul. 6, 2011 at 11:40 AM

My DD is too young to understand.

mumsy2three
by on Jul. 6, 2011 at 12:01 PM

I discuss money with our sons they are 9 and 6. Just the basics, mainly spending and saving. If they want an expensive item like video game I encourage them to save for it.

I discuss money, banking, budgeting and credit with our 17 y/o. She has a job and checking account but hasn't been doing so well with budgeting her money. At this point I tell her to stay away from credit cards.

bramamber
by Bronze Member on Jul. 6, 2011 at 12:44 PM



Quoting singlemomof2nok:

 We talk about $, not so much about credit.  They are a little young to understand that


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Talliana
by Member on Jul. 6, 2011 at 12:47 PM

My daughter is 4 and my son is 6. They believed that whenever we needed money we just had to go to the bank in Walmart because that is what I  always do on grocery day. I had to explain to them that when their dad gets paid then I can go to thebank and get money it does not  just magically appear in my account. My daughter has asked why we have to pay bills and I explained to her that you pay for the lights and water, internet, and tv and anything else that you don't make yourself.

Dani_Lynn
by on Jul. 6, 2011 at 6:12 PM
We use allowances and teach about saving half. We also teach that if you don't have the cash, you don't buy it. Credit cards usually end up being a bad idea. As for loans, there are some things in life that they will likely need them for, like college and buying a house.
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usmclife58
by on Jul. 7, 2011 at 11:25 AM

Not yet. They are much to young.

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