Comments on How to Teach Your Child About Financial Responsibility

If you co-sign a credit card for your child, watch carefully (maybe using e-mail notification) to make sure your child does not miss payments and hurt your credit rating. As soon as your child's credit has been sufficiently established, remove your name from their credit card.

If you give your child an allowance, be sure that it's understood that the only other money they can have is money they EARN--resist the temptation to supplement their allowance with handouts "just this once".

As a child, I wasn't given an allowance. Instead, I got paid for doing each chore around home. This included doing dishes, raking leaves, vacuuming, and cleaning the bathroom. It taught me that money had to be earned, and it wasn't just handed to me.

As a child, I wasn't given an allowance. Instead, I got paid for doing each chore around home. This included doing dishes, raking leaves, vacuuming, and cleaning the bathroom. It taught me that money had to be earned, and it wasn't just handed to me.

Allow your child to participate in decision making about a purchase. Discuss the various needs your family has and create a pro and con list for the brands you pick for your selection.

If you give your child an allowance, be sure that it's understood that the only other money they can have is money they EARN--resist the temptation to supplement their allowance with handouts "just this once".