Teach Your Children The Value Of Money Part One: Teach Them About Credit Card Debt

November 24, 2011 · Filed Under Children And Money

While right now you may not be able to see the light because you may be struggling financially. One of the things that you should be worried about is what are you teaching your children about money? Are you teaching them about credit card debt?

You may or may not realize it but if your kids have seen you pull out your credit card and purchase things regardless of whether you have money in the bank; eventually they begin to think that it is okay to put things on credit cards and pay it later.

They are little sponges who are taking in everything that you do. I remember when I was a kid and I saw my parents file bankruptcy. I always said that I would not be like them and that I would manage my finances better than they did.

Guess what I filed bankruptcy at the age of 33. So regardless of what we tend to believe; we do teach our kids things that we may or may not want to be showing them.

So what are you teaching your children about money?

Do you get them what they want when they want it? Most parents hate to tell their children “no” because they want to provide them with everything that they want.

However some times it can be good for a child to hear the word “no.” If they are older then they should understand that if they want something then they are going to have to do some chores to get what they want.

Never give your children allowances just because they want it. Responsibility is a huge thing for children to learn. This will also teach them the value of money. When they do get that allowance they will think twice before they spend it on just anything.

So take a look at what type of principles you are teaching your children about money. Avoid sending them the wrong signals that it is okay to get into debt just to get what you want and then you can always pay for it later. The more often they see you pull out the credit card and pay for something they think that “money grows on trees.” Click Here