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Published on Thursday, May 22, 2008
In a troubled economy, it's important to talk to your kids about finances. Concrete steps now can help them become money-savvy adults.
Inc. magazine has these ideas:
Show children your pay stubs and bills to help them conceptualize where money comes from and how it is spent. Later, involve your teenagers in devising a plan to save for their college fund.
Use a trip to the grocery store as an opportunity to teach money management.
''My kids and I look at produce and look at the price per pound and try to buy stuff that's on sale,'' says Karen Hoxmeier, founder of http://www.mybargainbuddy.com and a mother of three.
Look beyond allowances. Encourage teens to generate their own earnings.
Practice smart saving. Use a jar or a container that's transparent for gathering savings. If kids can actually see the money growing, that will help them down the road when it comes to investing part of their income.
Get the full article here.
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