Talking to your kids about managing money

(KY3)
Published: Apr. 18, 2019 at 9:51 AM CDT
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As summer job season approaches, we're looking at ways you can help your kids manage money.

You should start talking finances with your kids long before they file the first application for a summer job. Start as young as kindergarten. And, instead of using an old fashioned piggy bank as a first savings account consider a clear jar. That way your young one can see the money adding up.

Also, instead of paying for chores just make chores part of being in the family. Then, give the child a weekly allowance to manage. Make it clear they need to manage the money for things like treats at the movies.

"So, that when you are together with them at an event and they say can I have this? Can I have that? Can I have that? You can go, I don't know, do you have any money? Did you bring your money along?," replies clinical psychologist Dr. Jennifer Baker.

As your child ages, set them up with a savings account at a bank and encourage them to save money. Then, before they go off to college, set aside time to talk about the hazards of credit card debt.

Dr. Baker has done a series of podcasts on the topic. You can find the links on the right side of this page.