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Did you know?

91% of undergraduates have at least one credit card

Qualified Debt

  • Credit Cards
  • Collections
  • Unsecured Loans
  • Autos Repossessed
  • Unsecured Personal Loans
  • Unsecured Personal Lines of Credit
  • Medical Bills

Unqualified Debt

  • IRS Debt/Taxes
  • Utility Bills
  • Home Loans/Mortgages or Home Equity
  • Auto Loans
  • Student Loans
  • Government Loans
  • Secured Debts
  • Apartment Leases/Rent
  • Consumer Electronics & Furniture
  • Payday Loans

Money Adventures- Kids and Finance

No matter how old your kids are it's never too late to have them start understanding the value of money and to expand their money. Can you name any kid that doesn't want or know what money is? How many just ask for money and not understand where it comes from or why they can’t have $20+ for just anything he or she wants? Children and teenagers need to understand how money is earned, how to manage money and how to save.

Kids and teenagers relate to things that are important to them or that they think is fun and cool. Think of ways to make talking about money and the importance of it fun that relates to something they like to do. For example, if your son loves video games or your daughter wants to go shopping, explain that they must earn money through an allowance and have them come up with the chores and sign off on it. Once they have their money, explain how they should save part of it and spend some of it. Or if they want to spend it all, explain how he or she won’t have the money they need to buy the latest thing that comes out but if they save or wait for a discount, they can buy more with their money.

If he or she is into TV or video games, create or find things that use one of their favorite shows or games. Introduce things that are exactly like the things they like.

  • Make it fun and cool
  • Video games
  • Game shows
  • Dolls
  • Shopping
  • Little kids- relate to favorite characters
Key topics to cover with your kids or teenagers

Value of money

  • What is money and why is it important?
  • What are taxes and why must we pay them?
  • Would you kid like dollars, coins, fake money,

How do I get money?

  • Allowance- something he or she must do to earn money. Encourage your kids to come up with own chores- this encourages them to take charge and be responsible
  • Reward- If you get good grades say "A"s, do you get money for your efforts. What happens if you get all "A"s. Some kids get $100 for all A's work something out with your kids or encourage them to negotiate with you.
  • Helping Others- Babysitting, cutting the grass and walking dogs
  • Recycling-Collection recycable items and taking them to the center. That's their money
  • Tutoring- sibling, friends or volunteering at school

Saving money

  • Opening a bank account for them and explain what a bank is, show them how to deposit and withdraw money and take them at least once a month
  • Encourage them to spend and safe half
  • Encourage them to keep money for emergencies or that “must have” gift. They can either keep this money at home or in the bank

Have your kids set goals

  • Short-term- less than one year- favorite game, toy, dolls or new clothes
  • Long-term- save for college, a new or used car, trip to Disney or throwing a big party

Teach them to be disciplined

  • Understand in order to gain something that must give something up.
  • Once money gone, may need for important things so make good decisions
  • Have them develop good planning and spending habits. They are aware of what they have and how much more they can spend or choose to save

Planning

  • Have them brainstorm on everything they want and create a wish list so they can plan how to spend and save their money
  • Have them track their expenses and income
  • Encourage them to save money and take them to the bank

Money and School

  • Tell them the importance of staying in school in order to get a great and rewarding job to pay for their bills, save money, grow and invest their money and to have fun.
  • Give them real-life examples
    • If your son is into video games, then encourage him to go to school and learn how to become a game programmer. Also inform him that the games he plays now are from people who went to school and did something they loved.
    • If your daughter loves clothes, encourage her to become a fashion designer or buyer. She can go to school and learn to apply what she loves and most of all, have an impact on what kids will be wearing when she gets older. Kids love to know that they will make a difference.
  • Explain the importance of getting a college and even a graduate education
  • Most of all, tell them that in order to live the life he or she is now living and if they want to live a better life, then they will need to do well in school and make it happen. Yes, they can hire others to do the chores for them but that it takes money to get to that level

Be Honest

  • Give your kid examples of how you struggled and made it
  • Tell them of times that you struggled in school and how you made it through
  • Tell them how you dealt or still deal with money situations
  • Relate to you kids and encourage them to excel
Also get more tips on:

Our children are the future so why not get them ready and make it fun in the process. If you would like to learn more about saving your children or finding out how you can enhance your financial situation, give Debt Burst a call at 800.656.6204