5 Things about money that you should teach your kids

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1. The difference between Needs & Wants

2. Why the family is going to Disney World and not Paris

3. Very few things in life are not free

4. Money does not grow on trees

5. How credit cards work

Shopping smart, stretching every dollar, cutting coupons- these are keys to making e very dollar count. You are able to achieve and reach many more goals when you are shopping on a budget.

Having the latest and greatest cellphone has its perks, and so does that huge new smart TV, but having money set aside for groceries each week and the rent/mortgage payment is far more important. Weighing the costs of benefits of needs and wants is very important.

Unless you have a trust fund or inherited wealth, you almost certainly must work to earn your money. Even if your family is financially well-off, you are doing your kids a disservice if you spoil them. Instant gratification almost never happens in the real world.

Credit cards are certainly easy access to money, but this does not mean it’s free money. Money spent on credit cards must still be paid back. And if not paid back in a timely fashion, you end up paying more back than you originally spent. Having a credit card and treating it properly is a very important step in establishing good credit.

Post by: Emily P.