Y3K Tutor In Your Home

Money & Kids #10: Setting Financial Goals

March 28, 2018 By Y3K

We all have financial goals in life, however some do not know how to achieve them. Teach your kids about financial goals and financial plans. By making short-term and long-term financial goals, plans can then be created to reach those goals.  For example a new video game system may be on the wish list.

Questions to ask are:

How much will it cost?

How much can we save at a time?

How many months do we have to save for it?

Teach your kids how setting financial goals is a skill they will be using throughout their lives. They will most likely be doing this for purchase of a car, vacation, holiday presents, home purchase and retirement.

Filed Under: Articles Tagged With: children, kids, money, parenting

Money & Kids #9: Credit Building

March 26, 2018 By Y3K

It is important to teach children about how to maintain good credit. Teach them how the best loan interest rates only go to those with the best credit. Also future landlords and employers may check their credit when making a decision about them. The concept is a simple one. Keep a low balance on credit cards and pay your bills on time.

Filed Under: Articles Tagged With: children, kids, money, parenting

Money & Kids #8: Compounding Interest

March 22, 2018 By Y3K

Compounding interest is money that is added to your bank account over time. It can also be money that is added to your credit card bill or loan so you pay a lot more than you originally borrowed. Teach your kids about how saving money today can grow into something much more over time due to compounding. Also teach them how debts can grow into something larger over time due to compounding. Show them the math behind this concept. If you need help teaching them the math of compounding interest, contact Y3K Tutor In Your Home today.

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Money & Kids #7: Budgeting

March 20, 2018 By Y3K

Help your teen to create a mock budget using a possible future income. Go over with them all of the expenses that an adult faces (rent/mortgage, credit card bills, taxes, health insurance, auto insurance, auto repairs, entertainment expenses, gasoline, etc.). Let them get a feel for how much one can afford and how to budget so you can have money left over. Share with them the strategies you use in order to manage your money.

Filed Under: Articles Tagged With: children, kids, money, parenting

Money & Kids #6: Privacy

March 18, 2018 By Y3K

Teach your children the urgency of keeping private information about themselves a secret. Credit card numbers, bank account numbers, social security numbers must not given out. Review with them what to do if their personal information is ever stolen.

Filed Under: Articles Tagged With: children, kids, money, parenting

Money & Kids #5: Credit Cards vs. Debit Cards

March 14, 2018 By Y3K

Explain the difference between credit cards being a loan you have to pay back (usually with interest) and debit cards subtracting from your own funds. Also go over with them what to do if the card is lost or stolen.

Filed Under: Articles Tagged With: children, kids, money, parenting

Money & Kids #4: Credit Cards

March 11, 2018 By Y3K

Teach your kids how credit cards work. Most children view credit cards as free money. This credit card interest calculator will show them that is simply not the case. Review with them how the money must be paid back and how interest works. Make sure you also explain how some adults get trapped with debt by only making minimum monthly payments. Show them how different cards offer different interest rates.

Filed Under: Articles Tagged With: children, kids, money, parenting

Money & Kids #3: Deposits and Withdrawals

March 7, 2018 By Y3K

Make sure you teach how to use an ATM. Also teach them how to do deposits and withdrawals in a bank branch.

Filed Under: Articles Tagged With: children, kids, money, parenting

Money & Kids #2: Banking

March 5, 2018 By Y3K

It is important to teach kids the basics about banking. Discuss the purpose of having a checking account, savings account and bank certificate of deposit and how they all work. A great math lesson would be to make sure you mention how minimum balances, overdraft fees, ATM fees and interest rates work.

Filed Under: Articles Tagged With: children, kids, money, parenting

Kids Learning Money

February 27, 2018 By Y3K

When it comes to the topic of money, children learn best from their parents. There are many aspects to using and managing money that we as adults use in our everyday lives that are essential to pass on to our kids.  Y3K Tutor In Your Home will debut a series dedicated to helping you the parent educate your children on the important topic of money. Make sure you check back here soon.

Filed Under: Articles Tagged With: Brookline Test Prep, children, Dover Tutoring, ISEE Tutor Newton, kids, money, Natick Tutor, Needham Tutor, Newton Tutoring, parenting, SSAT Tutor Wellesley, Sudbury Tutoring, tutor, Tutoring Boston, Wayland Tutor, Wellesley Tutoring, Weston Test Prep

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