Kids and money management?

Question

I have a 13 yr old son and I want to teach him about money management and the importance of maintaining good credit. I got him a pre-paid debit card through my bank and I make him balance the "checkbook" periodically with the deposits and debits he makes. Are there any other good resources to teach kids about money management? Any good magazines or online tools i can subscribe to? Thanks.

Answer 1

Try "The First National Bank of Dad". its a book You can probably get it at amazon.com

Answer 2

I'm impressed.  I waited until my kids graduated from high school before introducing them to a debit card...  I think it's a great idea to get them started young.  I've always thought that balancing a checkbook and managing a budget should be taught at this age in schools.  My son, who is an 8th grade teacher, and his wife (also a teacher), tried to introduce this idea to the school admin, and they rejected it.  They just wanted to simply teach the kids to balance a checkbook and introduce balancing life and budget.  Admin didn't support it.  But I do.  Congratulations; your son will be ahead of the game of life.  I really wish that I had done it sooner also.  If you're not doing so already, I would definitely let your son monitor his account online.  Allow him to use his debit card, and see where he can check his balance. Just a super idea.

Answer 3

Financial Peace University Jr. is a money management course for kids.  It's about $20.00 online and worth every penny.