Teaching Kids About Money Early Can Relieve Future Stress

Friday, April 17th 2015, 11:08 pm
By: Craig Day

Kids don't have to worry about bills like adults do, but teaching them about money early can relieve a lot of stress later in their lives.

Financial experts say it's important to give children some basic tips, so they can learn about the value of money.

Bethany Fischer enjoys reading to her children, but, when it comes to teaching her kids about money, she'd rather show them.

"I just think as soon as they understand the concept of money, that they should learn what it should be used for and how it should be saved," she said.

Fischer tells her kids how much she makes every month and what she spends it on.

“That's $1,100," Fincher's son said as she counted out the amount.

“That's very good you are right. But all this money only goes to pay one bill. Rent," she explained.

Financial advisor, Nicole Middendorf said, "You really want to set your values as a family and make sure you're sharing those with your kids."

Middendorf believes kids should know the difference between wants and needs.

She said problems happen when parents think they're protecting their kids and don't want them to worry about money.

"If you're not having the conversation with your kids about money, what happens is they get into a lot of credit card debt or they make really poor decisions," she said.

Experts say parents shouldn't stress out kids about money, but passing on some simple lessons can help secure their financial future.

They say one good lesson is to teach kids how to budget their allowance.