• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

National Debt Relief

National Debt Relief - A+ BBB Accredited Business - Get Relief From Credit Card Debt, Medical Bills And Unsecured Loans

Talk to a debt counselor toll free:

800-300-9550

Get Relief From Credit Card Debt

Medical Bills and Unsecured Loans

  • Apply Now
    • Qualifications
    • Is This Right For Me?
  • Proven Results
    • Debt Relief Benefits
    • Credit Card Debt Relief
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Login
HomeBlog Financial LiteracyImportant Financial Lessons Your Kids Can Bring To Adulthood
Video Transcript

Free Debt Consolidation Quote

By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
  • National Debt Relief, LLC BBB Business Review
  • McAfee SECURE sites help keep you safe from identity theft, credit card fraud, spyware, spam, viruses and online scams

Important Financial Lessons Your Kids Can Bring To Adulthood

April 17, 2019 by Tom Harkins

learn to teach your children important financial lessons
Parents teaching child important financial lessons for the future

If you haven’t started providing your kids some basic lessons on financial literacy, you’re missing a golden opportunity. After all, kids as young as three years old can grasp basic financial concepts, so it’s never too early to start teaching the value of money. A few basic lessons in financial literacy can set your kids up for success for the future when they’re adults themselves and trying to make the most of their hard-earned money. Additionally, since most states don’t mandate any sort of financial literacy training in schools, if you don’t educate your kids about money matters, no one else will. Therefore, if you’d like to give your children a solid understanding of finances, here are some important financial lessons your kids can bring into adulthood.

The Value of Earning

One of the most important lessons you can teach children from an early age is how work is tied to earning money. Your kids should learn early to associate how the work they’re responsible for performing is directly tied to money they earn. As soon as you believe your children can do work around your home, you should provide them a weekly allowance. When they become teenagers, encourage them to find part-time jobs that they can balance between schoolwork and other activities. Doing paid work during the formative parts of their childhood will teach them to consider the value of their time working, and encourage them to find ways to increase it.

The Power of Saving

Earning an allowance or a paycheck from part-time work is no good if your kids just go out and spend all their money. Instead, you should encourage them to save a substantial portion of the money they earn. Even when they’re only receiving a small allowance, you should mandate that they save some of what they receive. A piggy bank can be an excellent savings starter when your kids are young; feeling the bank get heavier as it fills up can be exciting. Once your children get a little older, you should help them open a savings account. These days, the budgeting apps at most banks make it easy for kids to check their balances and deposit funds. A savings account will also help your kids learn about earning interest on their saved money, which is a great insight to appreciate at an early age.

The Need to Budget

Teaching children about budgeting is a critical financial lesson they can bring with them into adulthood. Less than half of Americans currently have a household budget, so this is clearly a lesson our parents didn’t take the time to teach us! Along with the mandatory savings you’re having them start, you should also help your children learn how to categorize their spending, and have them make a plan for how they’re going to allocate the rest of the money they earn through their allowance or part-time job. Have your kids put their budget in writing or on a computer, and then help them track it each month to see how well they followed it. Instilling good budgeting habits in your kids will be invaluable when they’re older and need a solid budget to help balance more complicated financial inflows and outflows.

Spending Wisely

A great lesson for your kids to carry into adulthood is how to get the most out of their money when they spend it. Teach them how to be wise shoppers, so they get the best deals they can. Show them how to compare prices and features on similar items, so they obtain the optimal value from whatever they finally decide to purchase. Strategic patience when it comes to shopping is a great value to instill in your children from a young age, too; learning how to avoid impulse purchases and instead be a discerning shopper will serve them well in the years ahead. Additionally, learning about discounts and savings from coupons can be helpful. Finally, helping your kids learn the difference between required and discretionary purchases–needs versus wants–is another valuable financial lesson they’ll find useful when they grow up.

Enjoy the Money You Have

While teaching your kids about the value of earning, saving, and budgeting, make sure you don’t cause them to dislike money and finances in the process. Instead, always emphasize the positive effect that earning money and allocating it wisely can have on their lives. For instance, after one of your children successfully saves up for the purchase of something important, such as a bike or electronic device, make sure to take note of the discipline and hard work that led to the purchase. You should also ensure that a portion of your child’s budget is allocated for fun activities and purchases. Learning to enjoy the money you have and using it to make your life better is a great lesson for your kids to learn early and then bring along into adulthood.

The sooner your kids learn some financial basics, the better. The tips discussed here can help your children learn about the importance of money at a young age and instill values they can carry through life. Don’t wait any longer; start teaching your kids these valuable financial lessons today.

Do you qualify for debt consolidation?

Primary Sidebar

Consolidate Your Debt!
Find out how NDR could help.
  • Get one low monthly payment
  • Avoid bankruptcy
  • Get out of debt in 24-48 months
Get Your Free evaluation
Free Debt Consolidation Quote
By clicking "Get Free Quote", you agree that the phone number you are providing may be used to contact you by National Debt Relief (including autodialed and prerecorded calls, as well as text/SMS messages). Msg. and data rates apply, and your consent to such contact is not required for purchase.
 Trusted By Our Clients

"When I started the program, my credit score hit a hard low, b..."

Easy National Debt Relief Caller: Lauren G Transcribed WE 2/28/2021 Lauren G: So I'm just doing a quick follow up. So it’s a few questions for NDR and how everything has been, so far. GREGORY: Oh, well, it's a little rough. Because I'm in Texas, and the whole snap thing happened. We had a couple of repairs we had to pay for, but nothing too major. Lauren G: Oh, yeah? Well, just to let you know, the call is recorded. So how long have you been with NDR and how did you hear about them? GREGORY: NDR? I don't remember. It's a couple years now. I think it was a Google ad. Lauren G: Okay. And so, how were the interactions anytime you speak with anybody? GREGORY: Oh, perfect. Awesome. I never had a problem when I talked to someone over there. Lauren G: Do you know where you're at in the process right now? GREGORY: Yeah, I'm almost done, actually. I only have one creditor that's unresolved left. Everyone else is all payment pendings or they've already been settled. Lauren G: Oh, okay. Good. And so, is there anything else with NDR that you want to mention? GREGORY: No. Other than the fact that I was skeptical at first, but you guys rock. I’m not even gonna lie. I got my girlfriend to start a program with you guys. And she's already starting to get her debt settled. Lauren G: And have you noticed your credit score change a lot or anything yet? GREGORY: Not, yet. Nothing major. It's been pretty steady for a while now. It's definitely gone up from where it used to be. But when I started the program, it hit a pretty hard low. But it's gone up since then, it's been steady. But nothing to write home about, just yet. Lauren G: Right. Well, so what would you rate it one through five, your experience with NDR, five meaning you'd recommend and one very dissatisfied? GREGORY: Oh, 5. 5. I've already recommended you guys to other people. Lauren G: And would it be okay to post some of your comments as a review on our public website for NDR and to help other consumers make good choices? GREGORY: Yeah, sure. No problem. [unclear 0:021:33] Lauren G: And so, I have your email that way I can send you a copy of your review. So you'll get a one-time email of it. The email I have gregorye123@yahoo.com? GREGORY: Yeah, it’s perfect. Lauren G: All right. And then, just a reminder, the call is recorded.

Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating Trustpilot star rating

Gregory Edmond
ConsumerAffairs Reviews

Latest Financial Literacy Posts

  • How To Make Sure An Allowance Teaches Smart Money Skills
  • 6 Ways For Your Pre-teen To Make Money This Summer
  • When Is It Time To Talk To Your Kids About Money?
  • 4 Easy Ways To Reach Financial Maturity
  • Important Financial Lessons Your Kids Can Bring To Adulthood
National Debt Relief, LLC BBB Business Review AFCC Top Ten Reviews Gold Top Consumer Reviews Consumers Advocate Trust Pilot
Company
  • About Us
  • Contact Us
  • Blog
  • Careers
  • Corporate
  • Privacy Policies
  • Terms Of Site
  • Disclaimer
  • Sitemap
Products
  • Debt Relief
  • Credit Card Debt Relief
  • Debt Consolidation
  • Debt Settlement
  • Calculators
  • FAQs
Debt Resources
  • Credit Card Debt
  • Medical Debt
  • Personal Loan Debt
  • Unemployment
  • Divorce Debt
  • Retiree Debt
  • Veteran Debt
  • Business Debt
  • Personal Finance
Follow Us
  • Facebook
  • Twitter
  • Linkedin
  • Instagram
  • Pinterest

© 2021, National Debt Relief, All Rights Reserved.

Disclaimer
Disclaimer
Disclaimer