10 Financial Tips for Parents Talking to Kids about Money

Dave Ramsey outlines ten tips for parents, kids and money

Dave Ramsey

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  • 1
    If you teach children the value of work, you've built character in them.
  • 2
    Don't give your child an allowance. Instead give them a commission. Allowance spoils a child. Commission helps a child. Commission is, "Work, get paid. Don't work, don't get paid."
  • 3
    Teaching your children how to use their money responsibly means teaching them to save.
  • 4
    In-state tuition is a great way to save on college. There are quality universities that you don't have to go far to attend.
  • 5
    Encourage your kids to do for a living what comes natural to them.
  • 6
    Teach your kids to do chores to build their little saving, giving, working and spending muscles.
  • 7
    The World will try to tell your kids that they need stuff to be somebody. Tell them not to listen.
  • 8
    Don't buy your kids a car. Teach them to save for a car and then match what they save.
  • 9
    Don't be your kids' emergency fund, no matter how well-meaning or how great your relationship is.
  • 10
    Get your kids involved with handling money at an early age so they can be successful on their own later.