Comments on: Help Your Teen Discover Financial Responsibility

By: 12 month loans

12 month loans — Mon, 09 Jan 2012 11:12:36 +0000

I am also in favour of educating the teen with basic financial facts so that in future they can manage their finance well .You have shared great post .

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By: Dannie

Dannie — Mon, 15 Dec 2008 21:20:49 +0000

Laurel - definitely a plus to start young. I am completely honest about finaces with my kids because I want them to understand the pros and cons to good or poor planning.

Shelia - I really like the approach you took teaching your kids early. I wish I had taken that approach and gotten financial understanding introduced early in my children’s life.

By: Sheila Gregoire

Sheila Gregoire — Mon, 08 Dec 2008 20:02:36 +0000

Maybe if we taught this more at school and more at home we’d have fewer financial crises like the ones we’ve seen lately!

We started our children budgeting early. When they were three they began to get an allowance, based on chores, which they had to divide up this way: 10% charity, 30% spend now, 30% save for something, 30% university.

It sounds complicated, but when you start it young, it isn’t that bad. And every bit of money they get now, whether baby-sitting money or gifts, gets divided up the same way.

So at 13 my daughter has quite a nest egg for university and is learning to give to charity! And she’s investing for the future. So it’s working!

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By: Laurel

Laurel — Mon, 08 Dec 2008 18:31:09 +0000

Great topic. I remember taking one class in highschool that covered the bare minimum of having a checking account. They leave it up to the parents which leaves alot of kids lost like you said you were I plan on being 100% honest about finances & will teach my kids how to budget & save every month just like I have to!