Top Ten Ways
To Teach Kids About Money

1. As soon as children can count, introduce them to money. Observation and repetition are 2 important ways children learn.

2. Communicate with children as they grow about your values concerning money, how to save money, how to make it grow, and how to spend it wisely.

3. Help children learn the differences between needs, wants, and wishes. This will prepare them for making good spending decisions in the future.

4. Setting goals is fundamental to learning the value of money and saving. Such goal-setting helps children learn to become

responsible for themselves.

5. When giving children an allowance, give them the money in denominations that encourage saving. If the amount is $5, give them 5-1-dollar bills and encourage that at least one dollar be set aside in savings.

6. Keeping good records of money saved, invested, or spent is another important skill young people must learn.

7. Use regular shopping trips as opportunities to teach children the value of money. Going to the grocery store is often a child's first spending experience.

8. Allow young people to make spending decisions. Whether good or poor, they will learn from their spending choices. Encourage them to use common sense when buying.

9. Show children how to evaluate TV, radio, and print ads for products.

10. Alert children to the dangers of borrowing and paying interest. For instance, paying for a $349 TV over 12 months at 15.9 percent interest means the buyer really pays $33.71 a month or about $404.49. Show them how borrowing and paying interest actually costs money.

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It is our policy at Pioneer Credit Counseling not only to help people get out of debt, but also educate in sound budgeting practices.

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