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.
Money & Kids #4: Credit Cards
Teach your kids how credit cards work. Most children view credit cards as free money which isn’t true so the sooner you can get them out of that mentality, the better of they will be in the future.
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.
Money & Kids #3: Deposits and Withdrawals
Make sure you teach how to use an ATM. Also teach them how to do deposits and withdrawals in a bank branch.
Money & Kids #2: Banking
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.
Money & Kids #1: Needs vs. Wants
Children sometimes cannot distinguish between what they need and what they want. Shelter, food and clothing are needs. Eating out, cable TV, cell phones, computers, and video games are wants. Wants can be worked towards but not an entitlement.
Kids Learning Money
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.
Private School Trivia #2 (continued)
A: $11,029
Private School Trivia #2
Q: What is the average 2017 tuition for private elementary schools in Massachusetts?
Check back tomorrow for the answer.
Save Money End Dissection
It is way more expensive for schools to keep buying disposable dead animals for dissection year after year as opposed to buying one batch of computer programs like the ones the medical schools use. In fact these computer programs tend to be donated free of charge to schools from various charities.
Kids, Money, and Capitalism
Kids can learn about money, hard work and capitalism. Some parents don’t believe in giving their kids an allowance. Instead they give their kids a commission. If the children work doing chores, they get paid. If they don’t work, they don’t get anything. Children learn very quickly how capitalism works throughout the United States. They realize if they want something, they will have to work hard to earn it.
The pay range could be around $1 to $5 per chore. Some increase the amount as the child grows and the work becomes more difficult. If you decide to go this route, make sure the commission amount is appropriate for your family and budget.
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