Once I got my credit back on track, I started my kids on an early track to saving money and building credit so they won’t repeat my financial mistakes.
My kids are authorized users on two my credit cards. I make sure after they use the cards, they pay it back within one week. I’m also instilling good financial habits. Credit is not your money. Don’t use credit if you can’t pay it back soon and very soon.
The start of school is a great time to take the extra step to solidify your children's financial literacy. Here are some tips to get some financial literacy in with your kids and teens.
Have honest financial conversations with your kids. It's great to start including them in finances, decisions, and budgeting. The more they are exposed to financial decision-making, the better they'll understand as they start to do it for themselves.
Help them understand wants vs. needs. This may be tough for your toddlers, but understanding wants vs. needs is super helpful for older children and teens. It'll give them a sense of control
Help them set savings goals. Help your kids understand the importance of saving early on! Set goals, help them stay on track, and watch them build success for small goals early on.
Help them understand credit and how to use it. Get them ready to sign up for their own card so they can start building their credit responsibly.