As a parent, all you can hope for is to set your children up for success. And that includes their financial health.
Someone talked to an expert about the top things parents should teach their kids about money, starting at a young age. Here are four tips . . .
1. How to keep a budget. Even before they have a job, you can help them practice with their allowance or birthday money. Just have them separate it into “spend now” and “spend later.”
2. The difference between stuff you “want” and stuff you “need.” It gets a lot more important once your budget includes things like groceries, car payments, and rent.
3. Save regularly and consistently. Making monthly contributions to a savings account creates a healthy mindset that’s more and more valuable as they get older.
4. Talk about the importance of good credit. It’s best to start building your credit from the start. And if you do it right, it’s a huge help later in life. The big tips are: Don’t live outside your means . . . pay your bills on time . . . and don’t use credit cards expecting to pay them off later when you’re RICH. (PR Newswire)