“I know I should be teaching my kids about money, but where on earth do I start?”
We know, this can all be a lot to take in. Somewhere between learning to identify which coin is worth more money and how to figure out interest on a car loan has to be middle ground right?
I remember when I was in high school (in the mid 80s), personal finance was a class taught as part of typing. Yep, typing. We learned to type for a few weeks and then we learned how to balance a checkbook. And that my friends was the extent of our financial education before leaving high school.
Well, we all know what happened to typing class. Unfortunately, class on personal finance seem to have met the same fate. Today most teenagers don’t know what a checkbook looks like, let alone how to balance one, or even why they’d have to do so.
As a mom of teenagers, it pains me to say this, but the teens are actually right on this one. We’ve got an article right here that talks about teens and electronic banking.
The truth is, no one NEEDS to learn to balance a checkbook anymore. Online payments, ATMs and the ability to check account balances on your phone means that there really isn’t a need to know how to balance anything. All you have to do is check to make sure you have enough money to cover your purchase and you’re good to go.
Or maybe you’re not.
If you have teens, or even kids threatening to grow into teens, I have to tell you, that teaching kids about money is more important than ever because in today’s world, it is all too easy to pretend it isn’t important. And that’s exactly why we got ourselves in huge financial trouble just a few years back.
But let’s not get ahead of ourselves here.
You need to know where to start.
Oh, and here’s another good one, did you know kids as young as three years old can learn the concept of saving? Yes, I know, many three year olds are still putting coins in their mouth, that’s why you don’t start with money…
So, no matter what age your kids are at, or how hard you think this might be, we are here to help you get started. We have tools, like the super cool Budgeting Billfold and Investing in Your 401k Kid: From Zero to Little Financial Genius in Five Easy Steps that will all help with teaching kids about money. We’ve got places for you to leave comments and we’ve got an email newsletter that’s absolutely free. We’ve got ya covered!