| 10 tips to make your children money-wise |
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7. Teach them how to use a credit
card.
If you decide to give your child a credit card, be sure to monitor
it's use.
"A troubling trend in our society is giving credit
cards too early and too easily," says Duvall, who suggests
giving responsible teenagers a credit card toward the latter part
of high school, along with a good heart-to-heart talk about credit.
"Know your kids individually, and don't be in
a rush to help them spend," says Hines. "Don't get your
kids a credit card and hope they'll learn something on their own.
You wouldn't get them a car and hope they'll learn to drive it on
their own, would you?"
8. Include kids in discussions
on household budgeting and vacation planning.
Talk about necessities such as utilities and extras. Teach kids
about the financial resources needed for the vacation such as tickets,
transportation, lodging and entertainment.
9. Teach them about donating.
Donating can help teach your child about giving.
Hines believes volunteering is a way to "offset
the consumer-driven environment by teaching kids that there is joy
in something other than buying things for themselves.
"For some kids, this is a powerful lesson. Instead
of just delayed gratification, it's gratification by spending on
someone else. With donations, there are also opportunities to discuss
how far a dollar can stretch and values."
10. Be a good role model.
Lead by example. Educate yourself. Learn how to save and develop
a sound budget. Read up on investing. A variety of resources are
available on the Internet and at credit counseling agencies.
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