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Subscribe to RSSWhen exactly is the right time to start talking to your children about financial responsibility? It’s a complicated topic that parents may put off discussing with their kids until later than they should. Being that many adults don’t even fully grasp the abstract complexities of managing their finances, the notion of imparting even the basics to their children seems like a daunting task. Luckily, TODAY’s financial editor Jean Chatzky recently published a book on that very subject, “Not Your Parents’ Money Book,” and sat down this morning with Matt Lauer to discuss how to communicate about practical money intricacies with your kids.
Have you had the money talk with your kids? Do you have a child sorely in need of a financial tutorial? Watch the video below and get in touch with us over e-mail, and Jean Chatzky may reach out to work with your child.
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Hi Jean Chatzky,
I am very much in need of help with my 21 year old and his money handling. He is a college student with over 60k in student loans and ,after getting a decent paying landscaping job this summer, has absolutely nothing saved nor does he pay his own debts.
PLEASE HELP. He is a smart kid really and has aspirations to start a business but seems to have a problem with spending money.
Thank you,
Julie
Hi Jean Chatzky,
I am very much in need of help with my 21 year old and his money handling. He is a college student with over 60k in student loans and ,after getting a decent paying landscaping job this summer, has absolutely nothing saved nor does he pay his own debts. He has 1 more year to ge a Bachelors degree in Business/Advertising Marketing but to be honest with you, I am hesitant to keep co-signing, seeing how irresponsible he has become in the last 2 years or so.
PLEASE HELP. He is a smart kid really and has aspirations to start a business but seems to have a problem with spending money.
HOW CAN I CHANGE HIM? I told him as of the end of Sept. he will need to pay his own cell phone bill as I figure that being shut off will inspire him to pay it, but tough love with him may not work (if I kick him out of the house for example) as he is an immature 21 year old.
could provide.
I would appreciate and use any help you
Thank you,
Julie
978-265-6599
I was never given an allowance as a child...just expected to do chores and then I would get money for a function, field trip or if there was something I wanted. BUT, my mother was very tight with how much and when she gave me the money. I am very conservative with my money, save, use coupons, etc. I think I was just lucky though. I don't know if because I didn't have an allowance given to me weekly it made me aware of the value of a dollar so I am careful what I spend. I think an allowance is good for kids so they understand budgeting and see the money come and go.
On the topic of cell phones, their expense and kids expecting to have them to use...I found a remedy to that. I think controlling cell phone use not only for safety reasons, but also because the kids are becoming obsessed with them is a good idea. There is one cell phone provider geared to kids and young adults. The parental controls are great and there is even a wallet system where an allowance can be set up and the kids use the minutes, etc. according to their allowance. Parents can deposit money into their wallet as needed or for emergencies. Check it out www.kajeet.com/172 . If you use the 172 code any new customers get a 15% discount. I love it for my daughter. They have the best parental controls of any cell phone providers where parents can control all aspects of the use of the phone. There is GPS available for safety issues and you can turn on the reporting feature where you know where your child is at all times