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Kids and credit lessons

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erb1953



Joined: 31 Dec 2007
erb1953's page
Posts: 547



-100 Magic Points

Subject: Kids and credit lessons
 
Posted on Wed Jan 16, 2008 5:10 pm  

Should we consider setting up a goal plan for our children in our house holds, if you think we should than what age do you think this should be started at. I see many posts on here about teens and credit, issues with younger people. But I am wondering if we can intervene at a younger age would it do any good.
We can start with the piggy bank and how much we can save a week, I think a penny saved is a penny earned. Kids can learn this lesson fairly young. You can pay them for small tasks at a very young age, so your pocket change can actually turn into pearls of wisdom for youngsters. Something to think about and kick around. I think you can start at a very young age, our children are smarter than what we give them credit for. Lets give them a good start.
August



Joined: 09 Jan 2008
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59 Magic Points

 
Posted on Sat Jan 19, 2008 12:47 am  

Hi erb,

Good post, I think it is important to teach kids to save young. At a real young age I think that they just do it for our approval, but as they grow and want to purchase things, the real lessons can start there.

When a child wants to purchase something, make a deal with them, if they save half of the money or some other amount that you will put in the remainder to purchase it. Then it will show the child how long it takes a long time to save for something that you really want. Kids find it so easy to spend the money when it is just handed to them.

Starting a penny bank young and starting an allowance for helping with chores, even for the little ones is a good way to show your kid that their time is appreciated and that they have to work to earn money and save for what they want.

We as adults have many opportunities to teach our children very young the responsibility of money. They really do pay attention to what we have to say. They will practice good spending habits if we pass them on to them.

I totally agree with you on this post, the younger the better because kids seem a lot older than what they are these days, LOL.
Laura

Laura

Joined: 21 Jun 2007
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Posted on Sat Jan 19, 2008 4:49 am  

One thing is very important. Never give a kid any amount of money that he/she asks for. Let them earn it. Thats why I am buying my sister a pre paid card. She can fill it only when she has the money. Making her life simple yet she ha to earn every penny. That will develop her in a better way.
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Laura.
erb1953



Joined: 31 Dec 2007
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Posted on Tue Jan 22, 2008 11:59 pm  

I think that is a great idea Laura, you could even have her start a savings account that has a mac card.
Laura

Laura

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Posted on Wed Jan 23, 2008 10:43 am  

Can you give me more info on this erb? I would be glad to know about other options.
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Laura.
erb1953



Joined: 31 Dec 2007
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Posted on Wed Jan 23, 2008 12:06 pm  

You would have to contact your local banks and see if they have that option on a savings account. You would probably have to be on the account with her since she is under age.
dwarfess



Joined: 05 Oct 2007
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1161 Magic Points

Subject: Kids and credit lessons
 
Posted on Wed Jan 23, 2008 12:15 pm  

Wells Fargo has free checking/savings accounts for kids 13-17. Then they graduate them to their own free college checking/savings accounts w/Master Card.
erb1953



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Posted on Thu Jan 24, 2008 12:27 am  

Well there you go Laura, I imagine that all banking facilities have something like this in place, we don't know about them because we don't think to ask. Usually when we think about banking, we think of it in the adult world, call your local bank and see if they have something similar.
Laura

Laura

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Posted on Thu Jan 24, 2008 10:50 am  

Thanks a lot for the information dwarfess.

You are right erb I dint give it a thought. Just your post made me aware that I could have done it if I knew about it. Better late than never. I will call my local bank tomorrow. Thanks again.
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Laura.
coffeebean



Joined: 03 Jan 2008
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Posts: 32



0 Magic Points

 
Posted on Thu Feb 07, 2008 12:32 am  

Start as early as you can...........the earlier on the easier it will be to learn. Hope this helps out!
erb1953



Joined: 31 Dec 2007
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Posted on Thu Feb 07, 2008 1:57 am  

Laura, have you had any success with finding an account for a youngster yet. I think that you should be able to find something local that you are familiar with. I am sure there are options right where you live so that you don't have to do the online option. goodluck and let us know what you find out.
Laura

Laura

Joined: 21 Jun 2007
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Posted on Thu Feb 07, 2008 5:19 am  

I have checked with Wells Fargo and BOfA. Both are giving checking accounts with ATM cards for the teens. Do you think it is feasible?
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Laura.

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