Tuesday, August 14, 2007

Kids and Money

Quote of the day:
Teenage years are the time to teach kids how to manage money with plastic, because if you don’t, guess who will? The company handing out free T-shirts on college campuses if you sign up for a credit card…
I believe that's true, though I never thought to put it exactly that way. That's why we have decided to give our kids a certain amount of money each month in order for them to take care of their own expenses. Neither one of them is exactly happy about it. They'd much rather we gave them that same money so they can buy whatever they want and go out with their friends and whatever other frivolous things teenagers like to spend money on. Then, they'd like for Mom & Dad to buy the needs - clothes, toiletries, stuff they can't live without. It's amazing how priorities change when they have to pay for their own stuff and realize what that stuff costs! Before, it just magically appeared when they needed it!

There will always be parenting debate about all kinds of parenting issues. I don't think any one way is right, and we, as parents can learn from one another. That's why I'm excited to find out about Earn Smart - Spend Smart, a blog to help parents with the difficult topic of kids, teens and money. I want my kids to learn to handle money wisely, and I want them to learn now, while we can guide them and keep track of how they are doing - not later when they're out on their own in the midst of all those enticing credit card offers.