https://boards.hellobee.com/ Pregnancy, Baby and Parenting blog, by Hellobee en Fri, 22 May 2026 08:59:53 +0000 https://boards.hellobee.com/topic/spinoff-how-do-you-plan-on-teaching-your-kids-about-finances#post-76556 Thu, 16 Feb 2012 14:32:49 +0000 yoursilverlining 76556@https://boards.hellobee.com/ <p>I learned about credit and how important it is through the school of hard knocks – so we will be talking/teaching about money, budgets and finances from an early age. Starting a savings account early and depositing money will be big topics – as will giving a portion of your money to charity, so that’s something that’s instilled as part of life for LO.</p> <p>When she’s older, we’ll talk more about credit and just how important it is. It isn’t just about having access to money for large purchases – landlords and employers check credit and could deny you a place to live or a job if your credit sucks…even if you would otherwise be a great tenant or employee. You can make small mistakes (i.e., 1 late payment) and that will stay with you for years after, affecting your score – so I want to stress that too. Its easy to destroy your credit score, but it takes a long time to rebuild it.</p> <p>I don’t really mind LO getting a credit card when she’s 18 or 20 – but I would definitely prefer that it was a secured card, or something with a low limit for several years until she’s more familiar with using credit (don’t know how we’ll work that one yet!). I would not get her a card and pay off the balance each month. </p> https://boards.hellobee.com/topic/spinoff-how-do-you-plan-on-teaching-your-kids-about-finances#post-76482 Thu, 16 Feb 2012 13:49:41 +0000 looch 76482@https://boards.hellobee.com/ <p>I think personal finance is something that should be taught from very early on...it's easy to teach your kids about credit cards if you start young and do it in ways they understand.</p> <p>First, I'll start with the concept of interest by opening a small savings account where they can see how they earn money based on the rules of compounding. The account will be deposit only and that will start around age 5, which is a time when they'll earn a bit of money from chores.</p> <p>Then, I'll teach how credit works by instituting a loan for a big ticket purchase, like a bike, at around age 10.</p> <p>I don't think the answer is getting my son a credit card and then paying it for him, not sure how he'll learn anything from that, to be honest. </p> https://boards.hellobee.com/topic/spinoff-how-do-you-plan-on-teaching-your-kids-about-finances#post-76317 Thu, 16 Feb 2012 11:50:21 +0000 tequiero21 76317@https://boards.hellobee.com/ <p>i think we'll teach them to save, spend, and tithe based on their work earnings or allowances. maybe give them a $500 account that they build on? not sure yet. </p> https://boards.hellobee.com/topic/spinoff-how-do-you-plan-on-teaching-your-kids-about-finances#post-76272 Thu, 16 Feb 2012 11:15:55 +0000 Mrsbells 76272@https://boards.hellobee.com/ <p>My dad was great at teaching us about money. He would give us a bi-weekly allowance and we had to budget our spending in such a way that we had enough money for lunch each day, plus money left over to put in the offering bowl at church and still be able to have some saved up. It was hard at first because we were young and just spent all the money on the 1st day, but eventually we learnt a lot from that. </p> https://boards.hellobee.com/topic/spinoff-how-do-you-plan-on-teaching-your-kids-about-finances#post-76262 Thu, 16 Feb 2012 11:07:06 +0000 Mrs. Bee 76262@https://boards.hellobee.com/ <p>i am really into this topic, and am def going to write some posts on it. i just need to learn more about it! </p> <p>i plan on opening accounts for them very early on (maybe 8?) so they understand about spending, saving and getting real world money experience. </p> https://boards.hellobee.com/topic/spinoff-how-do-you-plan-on-teaching-your-kids-about-finances#post-76258 Thu, 16 Feb 2012 11:05:16 +0000 heffalump 76258@https://boards.hellobee.com/ <p>I'll have to discuss it with my husband. My parents were pretty generous with me. I had a credit card that they paid for when I was 16- they gave it to me because I left the country for 6 weeks. They preferred that I focus on studying rather than work, so they supported me throughout college. But since my name was on the credit card I was able to build credit, and it was paid off every month. And since I'm a weirdo I would set my own budget in college even though my parents never gave me a budget because I felt like if I overspent everything could easily be taken away. </p> <p>I know we'll never make as much money as my parents so we won't be able to do the same for our kids. </p> https://boards.hellobee.com/topic/spinoff-how-do-you-plan-on-teaching-your-kids-about-finances#post-76188 Thu, 16 Feb 2012 09:38:30 +0000 mrs. wagon 76188@https://boards.hellobee.com/ <p>I plan on encouraging my kids to always hold a part-time job from freshman year of high school and on. I also can't wait to forbid them from using credit cards. My parents never taught me about CC debt (probably because they always have a balance too!) and I'm feeling the effects now. Same with Rob Sr. After learning the hard way, we know everything about debt!! We have extremely high credit scores despite holding high balances on our CCs because we have done so much research and learned so much the hard way.</p> <p>I plan on having my kids open CC accounts freshman year of college and purchasing essentials like mini-fridges, books, etc. with the cards, then cutting up the cards and slowly paying off the balances myself. Then when they graduate, they can take that credit card to use for themselves. It's important to build up a long credit history, but I want my kids to learn that CCs are only for emergencies and they shouldn't be spending more than they take in.</p> <p>I have a friend whose rich dad paid for his college tuition in cash and bought him a car in cash as well. When he graduated and started applying for a credit card and a car loan, he got denied everywhere he went because he had zero credit history. He had to get one of those credit cards you put money on first and then use up. Kind of like a glorified gift card you buy for yourself. It helped him build a credit history and it took him years to qualify for anything. I would love to be able to provide for my kids like his dad was able to, but I also want my kids to be prepared to take on the real world once they are let loose into society! </p>