Teaching Your Children To Become Fiscally Responsible

As parents, teaching our children how to become fiscally responsible early is essential. Teens can be impulsive shoppers for virtual gems we don’t understand.

When they are on their devices or ours–smartphones, tablets–they quickly lose track of time, and if they have access to your debit or credit cards, Zelle, or PayPal accounts, they can wreck our budgets.

Here's how to teach your kids to become more fiscally responsible.

Start At A Young Age

Talk to your kids about money so that they know it is not a taboo topic for them. Thinking about our financial future, and generational wealth, we want to be able to count our children to be responsible adults.

Write a shopping list and go shopping for a few items with them. Put the change from shopping into a clear jar for saving money.

Set Up A Budget

Teach them how to postpone impulsive buys to save for bigger items in the future such as a bicycle, car, or college. Show them how you buy things that are on sale.

Encourage Them To Save Money

Explain how to use credit cards for convenience, build a credit history, and keep balances to manageable levels to pay them off.

Handling Credit Cards

Share Your Money Mistakes

Don’t be afraid to share your credit card mistakes, if any. Our kids should know we are not infallible to misusing credit cards, overspending, or errors when we make investments.

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