Letters to the editor: Ten ways to teach your kids to be financially stable | SummitDaily.com

Letters to the editor: Ten ways to teach your kids to be financially stable

Summit Cove Elementary fifth-graders
Special to the Daily

Dear parents,

Financial stability is a very wide topic with many branches. It is important to teach your children not to become financially unstable. Your children may earn money by doing simple chores around the house. They can lose all of their money just by buying something they don’t need, such as candy bars or toys — but does letting them buy things that won’t help them really teach them about how to be financial stable? There are multiple ways to teach your children. Here are some:

1. Parents need to show their kids how to live while setting a good example by being financially stable and that you are not in debt.

2. Tell your child that financial stability means that you have enough money to afford the lifestyle you are living.

3. Open your child’s mind about the possibilities of paying for education.

4. With online sales, people tend to buy the product (investing), which can be dangerous for being financially stable because the product can be bad quality.

5. Encourage your kids to show action to receive money and, with that money, create a bank account. That will hopefully encourage your child to save their money, rather than spending it all.

6. Encourage your child to think about what they need versus what they want.

7. Show them how important it is to pay their bills, taxes and debt on time.

8. Teach your children how to use their money and what to do with it.

9. Teach your child to be a leader and influence them to make money and save it.

10. Tell your kids that it is important to have enough money saved to pay off debt.

Fifth-graders at Summit Cove Elementary have written this as part of a project called “Exhibition” with the topic of “Financial Stability.”

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