Finances

One of my nieces posted something on her Face Book page the other day that got me thinking about children and finances. Specifically, children learning about finances.

When I was growing up we didn't learn much about money. There was no money to learn about. We all worked as kids but the money usually went for things that we needed. When I got married I didn't know how to handle money very well and I didn't want that for my children.

Both of my children are very good with their finances so I guess I could pass on some of the things we did as they were growing up.

They were given an allowance every week. It wasn't much, but an allowance was given. They had to do chores, because they were a part of the family. Some of the chores were paid chores, some were chores they did just because they were part of the family. My son got paid for taking out the trash, he cleaned his room, because it was his room, not for pay.

When they were in their teens they both had to open up a savings account and keep it for a couple of years. When they were 16 thy opened up a checking account and we taught them how to balance a check book. Then when they were seniors in high school they got a credit card and had to learn how to handle it, before they went off to college.

They both got jobs while they were in high school, my son worked at discount store for a while and then at a hardware store. My daughter was a nanny until she went to college and then she started working at a department store. They both knew that money didn't grow on trees. We never had a lot of extra money. The military, if you don't know, isn't a high paying career. Our kids didn't get everything they wanted and had to work for a lot of what they did get.

They have both had some financial upsets since they left home, a bounced check, a little to much debt on a credit card, but neither one has become as indebted as most people their ages. And they both are doing a great job with their finances.

Kids are never too young to start learning about money and how to handle it. It doesn't hurt them to hear you say you can't afford something right now. I know kids that never heard that and in their mid twenties they still don't support themselves.

Teach your children as much as you can about money and it will help them be responsible when they are on their own.

Mae