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How to Make Kids $$$$ Savvy

12 ways to teach the value of a dollar
By Jonas Oransky,  Newser Staff
Posted Dec 20, 2007 5:06 PM CST

(Newser) – It's never too early to get savvy about money. The Journal's Jonathan Clements explains how he's put his teens on the right track.

  1. Delayed gratification: When they spend their own cash, they make better decisions.
  2. Pace yourself: The Clements kids had to make a 3-month allowance last.
  3. Family values: Stories, not lectures, get the right values going.
  4. Pile on the rich: Clements disparages opulence.
  5. Long-term compounding: Choose annuities that incentivize waiting.

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  1. Tax-free growth: Clements started a Roth IRA ASAP.
  2. Build homeowners: Mutual funds will mature when it's time to buy.
  3. Grow good credit: List kids as joint account holders on credit cards.
  4. Don't fund blowouts: Clements promised never to throw a $30,000 wedding.
  5. Pay for school: Make your priority debt-free college grads.
  6. Setting expectations: It was never the figures that mattered, just the principle.
  7. Finances as education project: The savvy kids had family investment contests.
(Read more parenting stories.)

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