When my husband and I decided to be diligent about paying off our debt, we enrolled in a program to help us do that. We learned that our children will mimic our spending habits, including using credit cards, buying things on impulse, etc. As we created a budget, our 14 year old has begun to help budget for things that the family needs and has also begun to work "on commission" for the chores she does. She know the more she works, the more she makes. She is EXTREMELY cautious about what she spends because she worked for every dollar and wants it to last.
Raymond Cassidy 03/06/08
Talking about money is very hard. I agree with all the parents who’ve written in that when you bring it up, you get a lot of questions from your kids that are hard to answer—why do you waste interest on credit card bills every month? How do you decide when to make a big purchase and whether to finance it? What’s considered the right amount of “mad money”? When your kids actually earn a salary—through an allowance for chores or a part-time job—they get the picture a lot faster.
Alma Alvarado 03/19/08
Raymond Cassidy 03/06/08