6 Money Lessons for Kids

Teaching kids about money is essential for their financial future. We’ve gathered some powerful lessons inspired by Conor Pope’s Twitter thread. These lessons apply to teens and young adults:

Pay Yourself First: Set up automated savings right after payday. This curbs impulse spending and helps build a solid savings habit.

Live Below Your Means: Regardless of income, teach them to spend less than they earn. Avoiding debt is key to financial freedom.

Avoid Credit Card Debt: Warn them about the dangers of credit cards. High interest rates can lead to financial trouble. If they use one, pay it off every month.

Thoughtful Spending: Impulse buys add up. Encourage planning and saving for what they truly want, avoiding unnecessary expenses.

Stick to the List: For college-bound kids, sticking to a shopping list prevents overspending on groceries and unnecessary items.

Start Early on Retirement: Teach them about compound interest and the value of starting a pension early. It sets them on the path to a secure future.

Equip your kids with these lessons for a financially sound life.

Source: https://www.gov.ie/en/press-release/badf9-exchequer-deficit-of-712-billion-recorded-in-2021-corporation-tax-receipts-at-similar-levels-to-vat-1312-billion-in-covid-related-expenditure-to-support-recovery-ministers-donohoe-mcgrath/