How Can I Teach My Kids Not to Make the Same Money Mistakes I Did?
Young adults often get into financial scrapes at frighteningly young ages. Help your kids avoid the stigma of bad credit by starting their financial education early in life. First, set a good example by not blowing money on stuff you don't need and always paying your bills on time. Even if you don't think they're paying attention, they probably are.
Preschoolers enjoy collecting spare change in a piggy-bank or toy cash register. Once your kids hit school age, they're capable of earning an allowance for completing predetermined chores. Tweens and teens are old enough to understand that they must pay for certain things themselves, rather than always expecting you to foot the bill for trips to the movies and mall. Encourage them to save their money and earn extra cash by babysitting or completing chores around the house. Go with older teens to open a bank account and help them keep track of their earnings, spending and interest accrual.