| > | | | | this lesson. At that time, the bank was charging |
| Credit Education is a must. | | | | about $20 for each overdraft, and this girl wrote |
| No, I don't mean you need to teach them | | | | three NSF (non-sufficient funds) checks at our |
| grammar, math and geography. You can leave | | | | store in just two days. The sad part was, none |
| those subjects up to the school system and | | | | of those checks was for over $10. So while she |
| hopefully they'll learn what they need to know | | | | thought she was spending about $25, she created |
| with just a little help from you at homework time. | | | | an $85 obligation at the bank. |
| I'm talking about a subject that will have far more | | | | By high school kids should be learning about credit |
| impact on their lives than knowing the capital of | | | | reports and credit scores. Hopefully yours looks |
| Montana, or the proper conjugation of a verb. I'm | | | | good and you won't be ashamed to show it to |
| talking about money management. This is a | | | | them. But if it's bad you can use the opportunity |
| subject schools should, but don't address. | | | | to show them how that is affecting your life in |
| Start when your kids are old enough to start | | | | negative ways. |
| asking for a quarter to put in a candy machine. | | | | The first step is to get your free credit report. |
| Show them how to budget and save for special | | | | Then make sure you understand how to read it |
| toys, and teach them that we all have to make | | | | before you start explaining it to the kids. Show |
| choices, because you can't spend the same dollar | | | | them how every loan and every credit card |
| twice. | | | | shows up there as a part of your financial history |
| When they're a little older, teach them about bank | | | | - and how all those things are combined to give |
| accounts. Get them a savings account and let | | | | you a credit score. Let them know that while |
| them make the deposits and watch the balance | | | | your finances used to be a private matter, now |
| grow. And while you're at it, explain to them how | | | | your credit score can be accessed by almost |
| that nest egg will benefit them later. But don't | | | | anyone. |
| stop there - teach them about checking accounts | | | | Above all, remember to make this education an |
| and the necessity to keep careful accounting. | | | | ongoing process. Help them make sound money |
| Show them how money melts away as a result | | | | management a part of their daily lives so that |
| of an overdraft. Once, while working in a grocery | | | | when they get out on their own, all doors of |
| store, I met a young woman who hadn't learned | | | | opportunity will be open to them. |