Kids Money Management

UNDATED (KTHV) — Linda Tucker of the Consumer Credit Counseling Service was a special guest on Today’s THV at 6:30. She offers expert advice on the touchy subject of kids and money.

Kids and money. This relationship offers special challenges to parents. Linda Tucker, of the Consumer Credit Counseling service, offers valuable advice on the subject. It begins with an allowance. She says to start small, and as the child grows, at some point parents should institute the rule of thirds.  Watch video….

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We all want our children to do well in school.  Good grades lead to good opportunities that, in turn, contribute to a good adult life.  For that reason, it is only natural that we should want to encourage our children to do their best academically.  But what is the best way to encourage academic excellence in children?  What kind of reward is “right” for teaching children about the value of bringing home a report card with high marks?  There is some debate over whether or not parents should offer monetary rewards in exchange for good grades.   Should your children receive money for good grades?  Take a look at these pros and cons and decide for yourself:

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Teach students good money management skills so when they graduate from post-secondary education they won’t be drowning in debt.

In a study sponsored by the National Council on Economic education, 66% of high school students tested on basic money skills scored an “F”. Only 3% got an “A”. This isn’t the only survey that shows that kids lack money sense. Yet, Teenagers are spending about $200 billion of their own money each year and influence an additional 50% of their family spending. That is a lot of purchasing power for a group with little knowledge on how to spend and save wisely >> Read more.

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This is an amazing resource for any parent willing to take a step towards teaching their children money management skills.

-BDS