Have you/Will you teach your children about debt?

Midnight_Sky_2

DS walked in earlier this evening following another tiff with his partner. Of course, they are both young (22) and still getting used to the idea that they are now parents to a very beautiful, very cute (and rather expensive) four month old daughter. Naturally, they have their ups and downs and arguments the same as everybody else.

I think a lot of this is because of debt and lack of money, and it set me thinking - I taught my son about the dangers of drinking, taking drugs, dangerous driving etc, etc, etc - You name it, and at some time or other I had a long "talk" with him about it, but I never ever told him about the dangers of debt Never even thought to mention to him about high APR's and the possible perils of consolidating etc.

Once this current tiff blows over I fully intend to point them both in the direction of MSE and hopefully they will get their LBM much earlier in life than I did!!

But it set me thinking - have you talked to your kids about the dangers of debt. And if so, how did you get on? Is this something that can be taught or is it something that we all have to experience for ourselves before we get our own personal LBM?

Just a thought....

GirlRacer_2

My children are still quite young DS 13 and DD 9 but I try to teach them that if there is something they want and they can't wait until their birthday or christmas then they must save for it. They also do odd jobs around the house for money, only a few pennies but it does make them realise that sometimes you can't just have what you want!

When they are older debt will be something that I will be speaking to them about though.

grade15

i think it should be raised early in childhood.. looking back, if I saved..up instead of wasting on useless things.. I probably be a millionaire now!

best to teach them but not too a point where they find you a bore!
:dance:
also schools should teach them about money cos they will use it in future life!

Sugar_Junkie

I wish I'd been told a bit more as a kid, might have avoided the situation I'm in now - although chances are I would have completely ignored the advice and done it anyway :rolleyes:

I've often thought I wish they'd teach about credit cards, loans etc in school. Might save a few kids getting into such debt.

immoral_angeluk

I'll give them a slap everytime they want something expensive :rotfl:

Seriously though my girls are too young yet (2 and 4 months!) but when the time comes they'll have a bit of pocket money and I'll be teaching them the value of earning money and saving up for the things you want. They won't get everything they want and won't be spoilt.

livinginhope

I haven't actually had 'the chat' with them,they are only 8 and 5,but they know you have to go to work to earn money,pay all the bills,then what's left you can spend (within reason ) they also know that you shouldn't spend more than you have and that the piece of plastic mummy sticks in the wall doesn't give out free money,it's money daddy has earned
When they are older I will warn them of the dangers of credit cards and loans and I will also teach them that the banks don't always know best,but are a business and out to make money!
LIH

southwester_2

Excellent Thread

I ve thought about this a lot actually, following my debt. son is 10 now so he is learning the rights and wrongs of money and having to earn it etc.

Grannies still spoil him but even they are making sure he understands that money doesnt grow on trees!

Sugar_Junkie

immoral_angeluk wrote: »

I'll give them a slap everytime they want something expensive :rotfl:

Seriously though my girls are too young yet (2 and 4 months!) but when the time comes they'll have a bit of pocket money and I'll be teaching them the value of earning money and saving up for the things you want. They won't get everything they want and won't be spoilt.

LOL

I have to say I was taught these things by my parents which was great... but they never once sat down and talked to me about things like credit cards and we certainly weren't taught it in school. I think in the society we live in these days where borrowing huge sums is made so simple it's something we should be teaching kids about. Otherwise all they learn is from adverts for the companies and bitter experience. I think the country as a whole could do with a bit of debt education looking at how much of it we've all got

smudgemanc26

When i was younger i was taught that if you wanted something you had to work for it this meant me and my older sister doing jobs round the house for pocket money, washing the car etc.

My mum and dad are great they have worked for everything they have got and not had any debt they are totally against credit cards. I always remember my mum saying before i was 18 never get a credit card you'll never get rid of it. I only wish now i would have listened properly and never got one when the CC Companies started throwing money at me and made it easy.

I too have worked all my life although im not that old now i dont think!! only 26 but even in college i had a part time job. Unfortunately i have abit of debt now nothing major just a few credit cards an overdraft and a loan (which i did get to pay off my debt but just wasnt strong enough to cut up the cards!) Hopefully i will be in a position soon to get rid of all my debt and pay off everything i owe (i really cant wait to be debt free) once i have done this i have promised myself never ever get a credit card or loan or anything on credit again.

I am quite lucky as i own my own house now and have done so for the past 4 years i have no help towards anything but have come to a point where i understand how costly it is to run things and if i havent got the money to buy something i cant have it.

Iam glad i have had my LBM and now am on a money saving mission thanks to this site.

In answer to your question if i have children in the future i will be advising them of the dangers of debt and hopefully just hopefully they will understand and listen something i wish i would have done when my mum told me!

Jen

SSB

Hi
My children ( 8 and 11) are becoming very aware of the value of money. They receive weekly pocket money but they need to do chores in order to earn it. I explained about credit cards and loans, since even the children's tv channels have the stupid adverts for them. My children do not even watch much tv but still know about Norton and Ocean finance...:eek:

When my DD is 13, her pocket money will become a monthly allowance. My mother did this with me and it really taught me how to budget. The trick is to stick with the decision, if I spent all my allowance early my mother would not give me any extra. It also taught me to find odd jobs and other ways to increase my income, if I asked my mother for a job to do ( for some extra cash), she was guaranteed to find something truly hideous... like picking berries for hours or gathering beetroot in a pouring rain. Hmmm, it made me determined to go to Uni and avoid physical work .

Cazzdevil

I'm not sure how much good it actually does though. My brother and I were both brought up in a money-conscious household and we were "taught the value of money" but no sooner had we flown the nest but we both got into financial troubles.
My parents always had debts when we were growing up though and I wonder whether seeing my parents cope with them made us think we could do the same...