Talk to your kids about money - Ahwatukee Foothills News: Communitylife

default avatar
Welcome to the site! Login or Signup below.
|
||
Logout|My Dashboard

Talk to your kids about money

Print
Font Size:
Default font size
Larger font size

Posted: Tuesday, February 16, 2010 12:00 am

Editor’s Note: This is the first in a three-part series. Part two will appear next month in the AFN.

 

If you are like most Americans, you had to find out about credit reports, financing, interest rates, even how to balance a checkbook the hard way. One would think that such important topics would be covered in high school, but for the most part they are not. As a society, we try to shield our children from the financial stresses that we may be experiencing, hoping our kids can just be kids. Sometimes though, we forget that our kids need to know about finances before they go out into the world. We think they are too young to understand and we will teach them later, when it comes time. I challenge you to talk to your kids about money now! No matter their age, they can always learn something important about money.

As a small child, my son understood that once he spent all of the cash he had on hand, he couldn’t buy any more. However, he had a difficult time understanding the debit card concept. Because he only saw the swipe of the card, he didn’t realize that there had to be money in the bank account in order to make purchases using the debit card. We spent a lot of time waiting in line at the cash register talking about why we could buy the items that we need, but not all of the items we want.

More recently, my teenager and I opened a joint checking account. He knows that I will deposit a certain amount each month, and he knows how long he must make that amount last. It is up to him to decide what he spends his money on. We talked about overdraft charges, and how nowadays the bank will allow you to continue to make purchases, even if there is not sufficient money in the account to cover the purchases. When he spends $1.50 for gum and a soda when there is only $1.05 in the account, he will actually be paying $36.50 for that gum and soda, which will be deducted from next month’s deposit.

Of course, my son is going to overdraw the account. He knows I do not expect perfection, but I do expect him to check the balance frequently and tell me when he gets an overdraft charge. I expect him to talk to me when there is not enough money in the account to last until the end of the month, rather than continuing to spend when there are no funds available. This may not be exactly like the real world (when was the last time you called your mom because you got an overdraft fee?), but it will allow us to do some problem-solving together, create a budget, and mostly it just means we’re talking about money and how to manage it.

It is important to me to help my son with these lessons before he leaves home. Once it is time for college, managing his money and sticking to a budget will be a necessity, and starting early can only help with his success.

 

Attorney Denise K. Aguilar is an Ahwatukee Foothills resident whose bankruptcy practice is located in Ahwatukee. Reach her at (480) 455-1881 or visit www.aguilarlawonline.com.

More about

More about

More about

  • Discuss

Arizona nurse sentenced to four years in prison for selling ecstasy, license revoked

PHOENIX - A judge sentenced a former Arizona nurse Wednesday to four years in prison for selling ecstasy. Brent Forrest, 41, was sentenced in …

Published: July 27, 2016 - 3:48 pm @ http://www.abc15.com/news/region-phoenix-metro/cen…

Here's Why

Wednesday night the Democratic National Convention will feature a stunning lineup of political and social leaders, not to mention tremendous c…

Published: July 27, 2016 - 3:49 pm @ http://www.thenewcivilrightsmovement.com/davidbada…

What You Collect: The Ordinary and the Odd

The New Museum’s summer show “The Keeper” explores the complex relationships we have with the things we collect. Why do we amass certain objec…

Published: July 27, 2016 - 3:18 pm @ http://www.nytimes.com/interactive/2016/07/24/arts…

Addressing global water crisis with 33 Buckets

From push-button parking to hands-free autopilot, self-driving technology has arrived to the U.S. auto industry as developers push to deliver …

Published: July 27, 2016 - 3:19 pm @ https://asunow.asu.edu/20160721-solutions-addressi…

Can a Major Minneapolis Transit Project Survive Regional Dysfunction?

The Twin Cities’ Orange Line bus rapid transit project ought to be a slam dunk. According to Sean Hayford O’Leary at streets.mn, it will provi…

Published: July 27, 2016 - 2:50 pm @ http://www.streetsblog.net/2016/07/27/can-a-major-…

DEA, ICE, police conducting raids in Tucson

Multiple Tucson businesses were raided by authorities Wednesday morning, as part of a joint operation with the U.S. Drug Enforcement Agency. "…

Published: July 27, 2016 - 2:23 pm @ http://tucson.com/news/local/crime/dea-ice-police-…

Kim Conley and Dathan Ritzenhein to Lead Star-Studded American Field at 2016 TCS New York City Marathon on Sunday, November 6

Media center Press releases July 27, 2016 at 4:00am Two-time Olympian Conley will join previously announced NYRR Team for Kids Ambassador Moll…

Published: July 27, 2016 - 2:20 pm @ http://www.nyrr.org/media-center/press-releases/ki…

Dark smoke hangs over scenic stretch of California coast

Previous Next The blaze that has destroyed 20 homes was burning inland over a ridge and was not for the most part visible on the Pacific Coast…

Published: July 27, 2016 - 2:17 pm @ http://www.foxnews.com/us/2016/07/27/dark-smoke-ha…

Arizona Congressman Gallego To Address Veterans Issues On Day 3 Of DNC

Published: Wednesday, July 27, 2016 - 11:02am Arizona Congressman Ruben Gallego is one of the featured speakers on day three of the Democratic…

Published: July 27, 2016 - 2:17 pm @ http://kjzz.org/content/341474/arizona-congressman…

Gunman Barricaded at Senior Center In Tempe, Arizona; SWAT on Scene

ARIZONA — Police In Tempe, Arizona were responding to an active shooter and barricade incident at the Westchester Senior Center Wednesday. The…

Published: July 27, 2016 - 1:53 pm @ http://breaking911.com/breaking-active-shooter-at-…

Facebook

ahwatukee.com on Facebook

Twitter

ahwatukee.com on Twitter

RSS

Subscribe to ahwatukee.com via RSS

RSS Feeds

Spacer4px

Most Popular

Online poll

Loading…