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talia203 said
on 3/12/2009 I do not know how I feel about giving a child a credit card. But, I agree with a good prtion of the rest of the article. I have a few other pointers too...http://backtobasics-talia.com
jess9478 said
on 1/20/2009 To elaborate on the credit union comment posted earlier, many credit unions offer a free financial literacy program called FoolProof. It's a Web-based program designed to teach people of all ages (they have a program for high school and college-age kids) about money, financial responsibility and the realities of the free enterprise system. This initiative is being funded by the participation of credit unions and is available to all consumers, whether or not they are members of a credit union. FoolProof covers virtually all national and state guidelines for core financial education. Check it out at foolproofme.com.
Anonymous said
on 8/8/2006 Each time a college student makes a monthly payment, encourage the young adult to put an equivalent amount into a savings account. That way, the child can start building a nest egg for long term purchases.
Anonymous said
on 1/18/2006 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.
Anonymous said
on 11/22/2005 Make your child earn everything.
Getting things handed to them will teach them nothing. When you work hard for something, you'll take care of it and appreciate it. What you do now will come back to haunt or
help.
Anonymous said
on 11/22/2005 I would encourage parents to enroll children in their credit unions. They could empty piggy banks and take their money to deposit when parents go to transact business. This can be a good learning and sharing experience.
Anonymous said
on 11/22/2005 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.
Anonymous said
on 11/22/2005 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".
Anonymous said
on 11/22/2005 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.