KIDS WHOSE
PARENTS
FOUGHT ABOUT
MONEY WERE
MORE LIKELY
TO END
UP IN DEBT.
Also talk about your job
and how you feel about it.
“If you love your job, tell
your child; if not, at least
say you enjoy having
one because it allows you
to support the family,”
Kobliner says. Having
conversations with your
kids about work and
money not only will help
them understand the
nuts and bolts about
personal finance better
but also will make them
more comfortable
asking questions. One
warning: Shield kids
from disagreements with
your partner or family
over money. Keep the
conversations instructional
and positive.
nWORK CHARITY
INTO THE PICTURE
“Giving back is a key
component of a healthy
relationship with money,”
Gorynski says. Seeing the
difference charity makes
is a lesson that becomes
more tangible for kids in
their preteen years.
Have your child
choose one charity that
they’ll donate a portion
of their earnings or
gifts to. Don’t worry if
your child isn’t super
enthusiastic at first: What’s
important is the good
deed itself. “You’re letting
your kids know that giving
back is a family value,”
Kobliner says.
HIGH SCHOOL
nENCOURAGE YOUR
TEEN TO GET A JOB
“A job provides spending
money and real-world
experience,” Kobliner says.
Ideally, it’d be a summer
job. If it’s during the school
year, keep the hours in
check; research shows that
high schoolers who work
more than 15 hours a week
tend to get lower grades—
presumably because they
have less time to study.
nSTART A ROTH IRA
Have your teen put some
of their earnings into
an individual retirement
account. “Roth IRAs allow
money to grow tax-free,”
Kobliner says. A bonus:
Federal rules for college
financial aid require
kids to chip in based
on assets, and retirement
accounts, like IRAs,
aren’t counted.
nSET A BUDGET Sit down and map out
daily, weekly, and monthly costs. Debit
cards eliminate trips to the ATM, but kids
can easily run through the money (Uber rides, pizza) without a tally.
nHAVE A CREDIT CARD HEART-TO-HEART “Young adults should
understand the consequences of using credit poorly,” Gorynski says,
“but they also need to know that credit can be good.” Talk about how
credit helped you buy a car or house but emphasize that credit comes
with a huge responsibility. Discuss an example of someone who has
misused credit. And Kobliner doesn’t recommend cosigning on a card
for your child; he can get one when he qualifies on his own. n
COLLEGE
148 | September 2019
BETTER BACK TO SCHOOL
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