Comments on: Teaching Kids the True Value of Money

By: Rajeev Singh

Rajeev Singh — Sat, 02 May 2009 10:25:45 +0000

While I agreein principle that saving is a habit and the earlier it starts better it is, I also feel that making kids forcefully save might send the worng signal if its not done correctly. Rather make them understand the value of money and whta it can do for them. Make them “earn” their money by showing good conduct and nice behaviour. Thsi will send them a message that nothing comes free and this is something to be earned and not demanded by crying hoarse.

By: 29 Good Reads About Kids And Money | Good Financial Cents

29 Good Reads About Kids And Money | Good Financial Cents — Fri, 13 Mar 2009 14:33:46 +0000

[...] Teaching Kids The True Value of Money [...]

By: RC

RC — Fri, 07 Nov 2008 03:31:13 +0000

@Jen- I agree, I don’t think you can start too early. Interesting thought about the credit card usage, and you may be on to something. I think too many adults have the problem of not associating credit card usage with actually spending money, so I am sure kids probably see it the same way as well.

By: Jen

Jen — Thu, 06 Nov 2008 00:55:33 +0000

I don’t think it’s ever too early to teach your kids about money. I also think using a credit card in front of kids may give the wrong message as they don’t associate it with spending and the fact that you eventually have to pay it back.

By: Girls Just Wanna Have Funds-Personal Finance For Women

Girls Just Wanna Have Funds-Personal Finance For Women — Mon, 06 Oct 2008 12:02:28 +0000

[...] RC from Think Your Way To Wealth presents Teaching Kids the True Value of Money [...]

By: RC

RC — Wed, 24 Sep 2008 02:44:24 +0000

@Julie- I would agree-I think it is important to learn about earning and saving money at an early age- Thanks for the tip on Shorebank- have not heard of them before but the interest rate looks pretty good.

By: RC

RC — Tue, 23 Sep 2008 11:48:46 +0000

@Phil- That was one of my biggest problems for a while. I worked hard, but I saved my money to spend it!

By: Julie

Julie — Mon, 22 Sep 2008 20:55:16 +0000

I think kids should learn about money, definitely before sixteen. These days by the time kids are sixteen they are so independent. This might make a savings account for kids because it has online access, a 3.50% APY, no monthly fees, and a $1 minimum: http://shorebankdirect.sbk.com/ Plus, I work with ShoreBank – I know they have a commitment to environmental lending and social responsibility, so it teaches kids responsible investing as well.

By: Phil

Phil — Sun, 21 Sep 2008 11:29:27 +0000

“Teach them not to save just to spend”

Very valid point, I can admit that I do this all the time. I save so I’ve got a pile of cash to waste. tut tut! I’ve definitely become more sensible with money since I started working more. I think for kids to understand money they truly have to earn it.

By: RC

RC — Fri, 19 Sep 2008 11:48:14 +0000

@Uncommonadvice- Not sure if you mean discussing the parent’s finances or money or trying to teach them the basics of money, etc. I understand not wanting to talk to them about the parent’s finances, but I would not agree if you are talking about money in general-although I do agree sometimes you have to let kids make mistakes-i.e., you should not necessarily “bail them out”.

By: Uncommonadvice

Uncommonadvice — Thu, 18 Sep 2008 12:06:19 +0000

This may seem controversial but I wouldn’t even discuss money at all with my kids until they are at least 16. Below that age they just don’t have the maturity to understand.

Money is a bit like love – sometimes you need to make your own mistakes no matter how many times you’re given good advice by your parents.