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June 16, 2009
Money Management | Personal Finance

What do I say to my children if we manage money badly as parents?

    Published: 06-16-2009
    Views: 11,470
    • Description
    • Transcript

    Description

    Family financial expert Janet Bodnar discusses how to teach your kids about money, including how to explain to kids when you manage money poorly as a parent.

    Transcript

    Host: What do I say to my children if we manage money badly as parents?

    Janet Bodnar: I get to questioned a lot well, what if I am a bad money manager. How can I teach my kids good money habits if I am a bad money manager? Well, I always say, "Well, look at it as a wake-up call from your kids. If you are doing things wrong and you think you would rather be doing things better, you would rather be a better money manger then correct those things, so that when the kids ask you the tough questions, you can honestly say, "Well, yes. Actually, yes son. We do save money. We are saving money for our retirement.

    " If you are not saving any money, go to your employer and sign up for the retirement plan or set up an automatic deposit account with your paycheque so that a $50 or a $100 of every paycheque goes into your savings account. So, when the kids ask you these tough questions or when you say to them, "We would like you to save 10% of your income or your allowance," and the kids say to you, "Well, do you save 10% of your income?

    " You can say, "I sure do," or when you are talking to them about using credit cards responsibly, you can honestly say to them, "We used to be in a lot of credit card debt. I have to admit that we ran up our bills, we owed several thousand dollars in credit card debt, but we decided we wanted to be debt free. So, we really worked at this and we cut back on eating out, we cut back on going to the movies, so that we could pay off our debt.

    "Kids will be really impressed, they will be impressed number one that mom and dad actually made a mistake and they will be even more impressed that mom and dad actually figured a way out of it. So, use this as an opportunity to discuss these financial issues with your kids and to set a good example and plus you are going to have more money in the bank and less debt.

    Videos in this Series

    1

    How to Teach Your Kids About Money

    2

    Why is it important to teach my kids about money?

    3

    How early should I begin teaching my kids about money?

    4

    Should I rely on schools to educate my children about money?

    5

    What are good ways to teach younger children about money?

    6

    Should I give my kids an allowance?

    7

    What is the right amount of allowance to give my children?

    8

    Should allowances be tied to chores?

    9

    What are “financial jobs?”

    10

    How can I help my teens learn good money habits?

    11

    At what age should my children open a savings account?

    12

    What are some everyday ways to teach my children about money?

    13

    At what age should my children get a debit card?

    14

    At what age should my children get a credit card?

    15

    Should I use money to reward or punish my children?

    16

    At what age should my children get a job?

    17

    Should my children donate to charities?

    18

    How much should my children contribute to savings for college?

    19

    How can I teach my children to invest money?

    20

    How can I set a good financial example as a parent?

    21

    What do I say to my children if we manage money badly as parents?

    22

    What do I do when my children ask for expensive things?

    23

    Should we discuss finances as a family?

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