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Financial Matters


As your kids get older, they will become interested in where money comes from and where it goes


discuss how your kids might generate their own.


* Go over your family’s major monthly expenses such as housing, food and trans-


portation, and explain how much they cost.


* Once your child understands the mean- ing of income and expenses, talk through the difference between needs and wants.


Ages 11 to 13 Preteens often are pressured by their peers to keep up with the latest and great- est. Use this opportunity to be a strong role model and demonstrate for your child how to make smart spending decisions.


* Share past spending mistakes and what you learned from them.


* Consider increasing your children’s al- lowance as they get older, and help them


develop a spending plan.


* Introduce the concept of long-range savings and investing.


Teenage Years High school is a great time for your kids to put into practice what you have taught


92 them over the years.


* Pay attention to where your kids are getting financial information: Are they using apps, or playing video games with a financial component? Many games include a “savings plan” to upgrade char- acters, or provide add-ons. Being aware of your children’s interests will help integrate financial conversations with a topic they are interested in.


* Take your teens to the bank to open a checking and savings account in their


name. Consider adding a pre-paid or bank-secured credit card to help your kids establish a credit history and good credit practices while still under your roof.


* Encourage your teens to get a job, so they can start managing their own income


and saving for big tickets items such as a car or college education.


* Advise your teens to continue their fi- nancial education by seeking out classes,


field trips and online resources.


Paul Golden is the director with smartaboutmoney.org.


www.readysetgrowmag.com


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