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Credit and Your Family
         
         Credit Cues for Kids
               

Elementary age students are just beginning to get a firm grasp on mathematics and the basics of money, which makes it the perfect time to begin introducing the concepts of credit and savings.  Simply becoming familiar with financial terms and their meanings is a big step in the right direction. 

The World Wide Web is helping to make this easier for parents.  There are numerous organizations, like Credit Union Kids Club, that now cater specifically to teaching young kids their first lessons in credit and finances.  Interactive programs in the form of word and number games make learning about money matters less of a task that kids might find equivalent to homework and more of an effective way to entertain while teaching. 
               

Saving for kids can also become more fun in other ways.  Numerous companies are popping up that offer all sorts of tools to teach kids about money.  There are books, entire teaching kits, and piggy banks have evolved as well, like the Money Savvy Pig that has different slots for money to save, spend, donate, and invest.
               

You can begin laying the foundation to educating your kids about credit by teaching them about using money, the importance of saving, and how to budget.  A great method for doing this is by giving your children an allowance.  This first-hand experience will give them a fixed income of sorts that they will have to work with for items you’ve agreed they must pay for. 

They’ll learn the value of a dollar quickly having to make their own decisions on which purchases take preference, comparison shopping for a better price if they want to make the most of their money, and how to make their money last until the next time they get allowance. 

Instead of money magically appearing from a wallet, kids get a better understanding that money is a limited resource that needs to be managed.  It also helps to resist buying your kids exorbitant or lavish gifts so they understand big purchases are something that takes real consideration and aren’t everyday or even regular occurrences if they’re to be responsible with money.
               

It’s also advisable to begin discussing with the different institutions involved with money and what part they play, such how you use your own bank.  Also help them to make realistic money and purchase goals.  Encourage them to set their sights on saving for something special or a vacation that’s within their reach so they can see their efforts pay off.

Credit and Kids

Credit and Teens

Credit and College Students