This summer teach kids some practical life lessons including basic money management skills. Some kids might already have a savings account with a credit union to encourage good money management for kids and see for them to see their savings grow.
Wayne Westland Credit Union
Most teens will at some stage be offered opportunities to take on debt, perhaps through credit union loans or credit cards. As a parent you can help prevent decisions that they may later regret by guiding them and teaching teens some key questions to ask themselves before borrowing money.
As a general rule adults know a loan is not money for free and explaining that to a kid will save them from financial trouble later in life.
Building responsible money habits start early by introducing good spending and savings habits. Whether your child is saving an allowance or learning to compare prices at supermarket to find better value.
Using everyday situations can be the ideal opportunity for you to engage your child to learn about financial wisdom. Take every opportunity to teach your teenager about other concerns like how to save money and identity theft.
- money management skills for kid
- saving goals – use the three little piggy bank
- credit union loans and savings
“Bank of America Better Money Habits has some tips for getting kids engaged in another kind of challenge: teaching kids some practical life lessons including basic money management skills. Below, they’ve provided 10 financial exercises to teach kids about personal finance, helping them on the path to “financial gold.”