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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Wednesday, January 30, 2008

Teaching Kids to Manage Credit: It's as Easy As ABC

Good credit starts at home and spreads abroad -

Well, the old adage actually says "charity" instead of "good credit", but the latter case still rings true. When kids are taught financial literacy and responsibility growing up, they take those lessons with them throughout their lives, eventually teaching their own children.

My mom and dad had no idea that I would need to become financially literate before I left home. My parents had children in their later years, so we are from two totally different generations. Sure, they taught us basic spending and savings skills, but there was not much mention of credit, investments, retirement funding, or anything that "grown up." They simply thought that we had time to learn those things.

They realized that they were wrong when I came home from college with a plummeting credit score and some serious unpaid bills.

There are lots of families, however, who are aware and are taking action early. This recent USA Today article highlights some great strategies that real parents are using to foster fiscal fitness in the lives of their children. I saw some things that I plan on implementing with my little ones when they come of age.

Hopefully, they will learn from my errors and omissions and provide even better training for their children...

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