How to Teach Your Kids About Money

How to Teach Your Kids About Money

Why is it important to teach my kids about money?

Why is it important to teach my kids about money?

How early should I begin teaching my kids about money?

How early should I begin teaching my kids about money?

Should I rely on schools to educate my children about money?

Should I rely on schools to educate my children about money?

What are good ways to teach younger children about money?

What are good ways to teach younger children about money?

Should I give my kids an allowance?

Should I give my kids an allowance?

What is the right amount of allowance to give my children?

What is the right amount of allowance to give my children?

Should allowances be tied to chores?

Should allowances be tied to chores?

What are "financial jobs?"

What are "financial jobs?"

How can I help my teens learn good money habits?

How can I help my teens learn good money habits?

At what age should my children open a savings account?

At what age should my children open a savings account?

What are some everyday ways to teach my children about money?

What are some everyday ways to teach my children about money?

At what age should my children get a debit card?

At what age should my children get a debit card?

At what age should my children get a credit card?

At what age should my children get a credit card?

Should I use money to reward or punish my children?

Should I use money to reward or punish my children?

At what age should my children get a job?

At what age should my children get a job?

Should my children donate to charities?

Should my children donate to charities?

How much should my children contribute to savings for college?

How much should my children contribute to savings for college?

How can I teach my children to invest money?

How can I teach my children to invest money?

How can I set a good financial example as a parent?

How can I set a good financial example as a parent?

What do I say to my children if we manage money badly as parents?

What do I say to my children if we manage money badly as parents?

What do I do when my children ask for expensive things?

What do I do when my children ask for expensive things?

Should we discuss finances as a family?

Should we discuss finances as a family?

Teaching Kids Financial Responsibility

Teaching Kids Financial Responsibility

Should we discuss finances as a family?

Should we discuss finances as a family?

What do I do when my children ask for expensive things?

What do I do when my children ask for expensive things?

What do I say to my children if we manage money badly as parents?

What do I say to my children if we manage money badly as parents?

How can I set a good financial example as a parent?

How can I set a good financial example as a parent?

How can I teach my children to invest money?

How can I teach my children to invest money?

How much should my children contribute to savings for college?

How much should my children contribute to savings for college?

Should my children donate to charities?

Should my children donate to charities?

At what age should my children get a job?

At what age should my children get a job?

Should I use money to reward or punish my children?

Should I use money to reward or punish my children?

At what age should my children get a credit card?

At what age should my children get a credit card?

At what age should my children get a debit card?

At what age should my children get a debit card?

What are some everyday ways to teach my children about money?

What are some everyday ways to teach my children about money?

At what age should my children open a savings account?

At what age should my children open a savings account?

How can I help my teens learn good money habits?

How can I help my teens learn good money habits?

What are "financial jobs?"

What are "financial jobs?"

Should allowances be tied to chores?

Should allowances be tied to chores?

What is the right amount of allowance to give my children?

What is the right amount of allowance to give my children?

Should I give my kids an allowance?

Should I give my kids an allowance?

What are good ways to teach younger children about money?

What are good ways to teach younger children about money?

Should I rely on schools to educate my children about money?

Should I rely on schools to educate my children about money?

How early should I begin teaching my kids about money?

How early should I begin teaching my kids about money?

Why is it important to teach my kids about money?

Why is it important to teach my kids about money?

How to Teach Your Kids About Money

How to Teach Your Kids About Money

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Planning A Honeymoon

Investing - Four Steps to Successful Investing

Investing - Four Steps to Successful Investing

How To Invest

How To Invest

Money Management Tips For Teens

Money Management Tips For Teens

Create A Financial Year End Review

Create A Financial Year End Review

Understand The Stock Market

Understand The Stock Market

Consider Inflation On Your Retirement Savings

Consider Inflation On Your Retirement Savings

Tips To Avoid Ridiculous Stock Predictions

Tips To Avoid Ridiculous Stock Predictions

Reasons To Carry A Mortgage

Reasons To Carry A Mortgage

Investing With A Long Term View

Investing With A Long Term View

Tips For Investing In Gold

Tips For Investing In Gold

Avoid The Biggest Financial Mistakes

Avoid The Biggest Financial Mistakes

View more ...

Janet Bodnar

Kiplinger's Personal Finance Magazine

www.kiplinger.com  

Janet Bodnar is deputy editor of Kiplinger's Personal Finance magazine, for which she has written articles on a wide range of topics, including investing, money management and the economy.

Bodnar is a nationally recognized expert in the field of children's and family finances. Her latest book is Money Smart Women: Everything You Need to Know to Achieve a Lifetime of Financial Security (Kaplan). She speaks frequently on the subject of women and money.

Bodnar's "Money-Smart Kids" column appears regularly in Kiplinger's magazine and at <a>www.kiplinger.com/columns/kids</a>. It was chosen by Moneysmartz.com as one of the top financial columns online. Bodnar is also the kids and money coach on the AOL Coaches site.

Her book Raising Money Smart Kids (Kaplan Publishing) was a finalist in the personal finance category of the Books for a Better Life awards, honoring the best self-improvement books of 2005. It was also a selection of the Washington Post's Color of Money book club.

Bodnar has appeared on Oprah, Today, Good Morning America, The Early Show on CBS, Fox, CNN and PBS. She has done hundreds of radio and TV interviews and appears regularly on WUSA, the CBS-TV affiliate in Washington, D.C., and WTOP, the major all-news radio station in Washington. She is a popular speaker and has been quoted in publications ranging from The Wall Street Journal and Institutional Investor to Parents and Glamour.

Bodnar has been recognized by American University for excellence in personal finance reporting, and by the National Council on Family Relations for her televised reports on children and money. The audio version of her book (read by the author) received three "best of" awards, from Publishers Weekly (business category), Library Journal (nonfiction) and the Audio Publishers Association (educational category).

Prior to joining Kiplinger's, Bodnar worked for The Providence Journal and The Washington Post. She received her master's degree in journalism from Columbia University, where she was also a Knight-Bagehot Fellow in Business and Economics Journalism.

Married, she is the mother of three children.

At what age should my children get a job?

Family financial expert Janet Bodnar discusses how to teach your kids about money, including at what age it is appropriate for your child to get a job.

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Host: At what age should my children get a job?

Janet Bodnar: Well, children can get a job as soon as they are about 14 years old or so. They can get your traditional kind of retail jobs or working at amusement parks, working at the local movie theatre, that sort of thing. They will be limited legally to the amount of hours that they can work but they can get a job at that age.

I think what happens realistically for most kids is they do get their first job around the age of 16 or 17 which I think is probably a good thing, good to start with a summer job first to see how they can manage their time because if they want to work during the school year, you don't want their school work to suffer and this is really important. Interesting study show that kids can work to up to about 10-12 hours during the school year without their grades suffering but they once they start working more than that the grades tend to suffer or they are pulled away a little bit from their parents, you have a little bit less influence. It is hard to know of which comes first. Is it the job that starts to take over the kids' lives or perhaps the kids were not really all that engaged in school to begin with and so then they become more engaged with jobs. It is not really clear what comes first, but the point is you do want to limit the amount of hours that the kids are going to work during the school year to around 10-12.

So, that is why I think it is best to at least start with a summer job so you can see how the kids can balance their time and I think it is also important that when the kids do get a job you as a parent still take an interest in it. So, you don't just let them go off to work and do their own thing. You want to be sure that they are in a job that is safe, number one and that you know what their hours are and when they are going to be there and when they are going to be doing their homework and you also have some say over what they do with their money, with their earnings. If you want them to save some of their money for college or to save some of their money for senior year expenses like the Class Ring or the prom or the year book, it is within your right as a parent to require them to do that. It gives them some fixed expenses just like you have, fixed expenses that you have to pay before you can spend money on the fun stuff.