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National Money Night Talk: Tips for Kids
Posted by Jean
This is a really exciting week around here, what with the launch of my new book (if you missed it, you can find more information about Not Your Parents’ Money Book here) and the National Money Night Talk tomorrow night. Leading up to The Talk, American Express and I asked a few popular personal finance blogs (PT Money, Moolanomy, and DoughRoller) to poll their readers for their favorite money saving tips for kids. They came through – big time – and over the next couple days, I’m going to be sharing their ideas here, starting with these three from Moolanomy:
Plain and simple, learn how to make a budget. Not necessarily establish a budget as a teenager (it’s hard to establish a budget when you are working a part-time, minimum wage paying job), but learning how to create a budget can really help kids learn to manage their money and know what it takes to stay out of debt. I truly wish that budgeting was a required class in all schools.
Start a retirement account now. Even if you can only put in a few dollars a month to start, it will help you develop a habit of saving while putting compound interest to work for you.
Don’t go into debt if at all possible. Plan ahead instead and pay cash for large purchases.
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