Educating Your Kids About Credit
One of the main things that parents are unsure of how to teach their children is probably how to use money
. So many kids grow up without a strong example of using money wisely that they just don't know what to do with money when they're older. This is why so many college kids are in debt up to their ears when they graduate from school, and it's why so much of this debt is credit card debt.Before they even begin their real adult lives, students have terrible credit reports. This can set them up for financial failure for years to come. If you want to keep your kids out of this situation, you need to work on credit education and financial education with them even when they're young.
This starts at a very early age with things like allowance and using money wisely. When kids learn to spend only what they have rather than spending your money, too, they will learn to choose wisely how to spend their money. This means that your kids will spend what they have when they get older instead of relying on credit to keep up with their friends.
When your kids get a little older, you can start to educate them more about credit, what it is and what it can do in their lives. Talk to them about how sometimes you need credit, such as when you buy a house or a car. Sometimes, though, credit can be bad. Give your kids examples, if you can, of how credit can be bad, such as when it's used to buy things that you don't need just because you don't want to wait for them.
As your kids get into high school and college, you can take credit education still further. At this point, they are old enough to understand that money makes the world turn and that without it they won't be able to achieve their dreams. When your children can understand that without good credit they won't be able to own nice homes or drive nice cars, they'll start to take financial choices seriously.
The best thing you can do for your kids, though, is to give them a good financial example. This will help them learn by example what they should do with their money. If you avoid using credit cards and other forms of credit unwisely, so will your children.
Educating Your Kids About Credit
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