Wednesday, May 16

Teaching a son about borrowing

Just read this post about "Discussing money and credit with you children" by Marc Chase over at My Credit Group.

Marc writes about a dad that was paying his 15 year old son a $20 weekly allowance. This dad thought that he would teach his son about borrowing money and paying interest and late fees.

I think dad was on to something. At the very least, he was taking steps to ensure that his son learned something about using money.

In a previous post here on Money and Credit, I talked a bit about our responsibility to help our kids reach their finacial goals. It was nice to read about this dad that was teaching his kid about being responsible with borrowed money.