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Dear Credit.com,
My child has recently expressed an interest in getting a debit card. I think he’s too young, but he insists all his friends have their own debit cards and bank accounts. What’s your opinion? How young is too young to teach my kid smart money habits?
Thanks for your help!
Debit Downer
Hey there, DD!
In my opinion, it’s never too soon to start teaching your child about spending and saving money and showing them good money management habits. Okay that’s a lie—if your kiddo can’t walk or talk that’s too young. And I wouldn’t recommend giving an elementary schooler a debit card. But once they are able to comprehend the basic idea of money and start receiving money from doing chores or as a birthday gift, there are some simple things you can start doing to help teach your children smart money habits.
Here are a few tips broken down by different age groups. Just keep in mind that you know your child best—what works for some won’t work for others. Don’t feel pressured to get your child a debit card just because apparently some of their friends have one! The important thing is to keep an open dialogue with your child that is appropriate for their maturity and skill levels.
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There’s a lot to cover here, and it can feel overwhelming. Don’t stress! You’re setting your child up for a healthy relationship with money. One of the best ways to teach your kids good money habits is by practicing them yourself and being a good example. My dad had me helping write checks for bills when I was around 11 years old. No one really writes checks anymore, but this did teach me a lot at a young age and it also made me feel important that he trusted me (even though he was watching me and helping me fill out the check every step of the way!).
Let your child watch you pay your bills online, show them your credit score, go over your grocery budget together. You don’t need to have perfect finances to do this. If you are trying to get out of credit card debt it’s a great opportunity to be honest about your mistakes—and an even better opportunity to teach them how important it is to have good financial habits.
If you kid makes a mistake, it’s not the end of the world! It’s better to make these mistakes young rather than getting into massive credit card debt in their early 20s—or at any age for that matter. Mistakes can be fixed. They are also a great opportunity to have a candid conversation and to learn from the mistake.
Best of luck!
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