Teach your Children well - Money Tips for Kids
Guide and advise your kids about money, but don't dictate.
When kids start asking parents to drive to the toy store to buy some plastic whatnot, it's time to consider an allowance.
The size of the allowance shouldn't be so meager that your child is a pauper among peers, not so generous that your child can easily afford all wants with little financial planning.
Good grades are expected and help around the house is simply the price of family life.
While 16 is generally the legal age of employment, encourage kids around age 13 to think of ways they can earn an income.
Only 50% of money put into a piggy bank can be taken out to buy something. At least half must remain in the piggy bank.
Failure to balance the debit card bank account monthly means losing access to the debit card for a week or more. Failure to repay an entire months credit card balance means the loss of the credit card until the balance is fully paid off, plus one additional month.
Spending money only happens after you earn it.
Children should have the right to screw up financially so that they can learn from their mistakes.
When it comes to investing with stocks, kids should understand a company at such a basic level that they can draw a picture of the business model with a crayon.
You don't need to be wealthy to begin teaching your children about the stock market.
If a child's charitable interests lie outside your special interests, so be it.
Parents don't have to save every last dime a child will need for college expenses. You only have to save up to your ability or desire to pay.
One of the greatest gifts you can give your child is your own financial self-sufficiency when you're old.
At some point you'll have to tell your kids the bank of Mum and Dad is officially closed.
Want balance in your life, ensuring you have the right amount of everything? Share your hopes and dreams. Plan your future and let me help you make sure you have peace of mind along the way.
Amy Callon
Financial Adviser
New Vision Financial Services
Plan your future and let us help you have peace of mind along the way.