What To Teach Your Kids About Money And When

We all know that teaching kids about money is important.  We all get busy, soccer, baseball, hockey, lacrosse, next thing you know it's another season and a few months and you haven't sat down with your kids to discuss money, debt, saving or investing.

You must make time.

Kids learn about money as early as age three.  You need to be the person who teaches them the value of money, how it works, how interest works (either for you or against you) and all about saving and investing.

Kids have questions, make sure you know what to say.

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Read Contracts With Your Teen

As parents, we get a few chances to teach our kids something important that may help them later in life, at least we hope so.

Your teens first few contracts are great opportunities to teach.  Take the opportunity to read through your teens first few contracts with them, line by line.

It may be a cell phone contract, car loan and yes, its boring but super important.

Ensure that they read and understand all the information and the fine print.  The interest rate.  Late fees.  Overages.  Etc.

Hopefully you have discussed and made your teen aware that this new responsibility is important and can affect their credit.

Make sure they can afford this new purchase too, its not a right, its a privilege.