- August 8, 2008 at 6:34 pm #261422
are just that – a way to see how much credit someone should lend to
you. We have told our kids (and lived it before them) that credit cards
are not necessary if you can pay cash for what you need/want.
I know I will
be in a huge minority when I say that DH & I are teaching our kids that saving
up and paying cash is the way to go. They are 9 & 11 right now and
each of them has over $25K in a high yield savings account.
extremely responsible for their age when it comes to financial matters.
We discuss our family finances and our budget openly with them so they can see
that money is necessary and to teach them to live within their means. I
think too many kids today want to move out and/or get married and want to pick
up with the style to which they’ve become accustomed by living with their
parents. No one wants to start at the bottom, living within their own
financial means and move up the ladder.
They want all the things that
have taken the parents 20+ years to accumulate – almost as if they have a
tangible right to it. Before you think we’re terrible people, our
kids don’t go without any necessities; they have doting grandparents that
give them too much at times. However, they have been taught to tithe/give,
save (and that means once it goes in the bank, it doesn’t come out), and
They truly enjoy depositing money in their bank account and
checking out their new account total!! We have (and will continue to) encouraged
them to not use credit cards and to keep a considerate balance in their
accounts so when they need the money it will be there. We have already
agreed to match their first car fund (with a max limit built in!) and they are
on their way to earning scholarships with their academic grades.
know college is mandatory in this day and age so it is not negotiable (DS is
I am in no way
bashing anyone else’s way of using credit; I just don’t agree and
wanted to point out the opposite side of the coin. Yolonda
That said, probably 1 Credit Card with a low limit would be good to
help a young person establisha good credit rating.
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