Noomii logo
  • For Organizations
  • For Individuals
  • For Coaches
    • Client Leads 54 new
    • Overview & Pricing
    • Coach Testimonials
    • FAQ for Coaches
    • Sign Up
    • Blog
  • Login
Noomii the Professional Coach Directory
  • Get a Recommendation
  • Find a Coach
    • Business Coaches
    • Career Coaches
    • Life Coaches
    • Health and Fitness Coaches
    • Relationship Coaches
    • All Coaches
  • About Coaching
    • Life Coaching
    • Business Coaching
    • Career Coaching
    • Relationship Coaching
  • About Us
    • Our Team
    • Our Mission
  • Help
    • How It Works
    • FAQs
    • Contact Us
  1. Home
  2. About Coaching
  3. Coaching Articles

Teaching Your Kids About Credit

Posted on November 12, 2022 by Tammy Shweiger CPA, One of Thousands of Money and Finance Coaches on Noomii.

Give your kids the gift of financial education!

I got my first credit card when I was 12. My Dad made me an authorized user on his account. Did I channel the confusing and unrelenting hormonal storm of teenage life into a spree at Sam Goody and Contempo a few times? Yes. Did I learn from my experiences while the stakes were low and I was being supervised? Also yes. Mind you, I was a very mature and responsible kid for my age. And my Dad saw that. He trusted me and gave me the gift of a long credit history as well as an education in what it meant to have plastic.

Trust and transparency were a big part of getting a credit card. No secrecy, no hiding my purchase patterns. I learned to develop discipline in my money choices—knowing they were going to be seen. Cash doesn’t send a statement at the end of the month to be reviewed and discussed. As a married adult, my husband and I function this way. We do not keep any purchases from each other. Seeds get planted and they grow into lifelong habits.

Most major card issuers allow you to add a minor as an authorized user. Some impose a minimum age, while others don’t. A few cards prohibit cardholders from adding minors altogether.

Confidence and competency come with training –like learning how to drive a car, or learning a trade or occupation. But there is no requirement to ensure you are educated in how severely and how easily you can mess up your life with credit.

There should be rules, dependent on how old your child is, and how comfortable you are letting them have access to open credit. Just remember, the goal is to empower them, not just convenience you. So, it won’t be super helpful to give them a credit card and only allow them to fill up their gas tank. They won’t learn much. There needs to a little bit of freedom—to make choices and mistakes.

Did you make mistakes with credit? Share them. Share all the gory details. Your mistakes can be the gift of financial education for your kids.

Exercise 1: Let them buy pre-approved “needs” for themselves with a credit card. For example, all their toiletries for the month, or a new pair of shoes. And then, review and discuss together. Did emotional or impulsive spending make its way onto the statement? Talk about it.

Exercise 2: If your child is 5 years or older, review a statement with them, if they made purchases or not. Even if they are too young to fully understand, getting into the habit will serve them well.

LOOKING FOR A PROFESSIONAL COACH?

Browse thousands of life coaches and business coaches in
hundreds of cities

  • ADD ADHD Coaching Articles
  • Business Coaching
  • Career Coaching Articles
  • Christian Coaching
  • Effective Communication
  • Entrepreneur Coaching Articles
  • Executive Coaching Articles
  • Family Coaching Articles
  • Finding Happiness
  • Goal Setting and Achievement
  • Health & Wellness Articles
  • Internet Marketing Tips for Life and Business Coaches
  • Leadership Coaching Articles
  • Life Coaching Articles
  • Money and Finance Coaching
  • Performance Coaching Articles
  • Relationship Coaching
  • Retirement Coaching Articles
  • Self-Improvement and Self-help
  • Small Business Coaching Articles
  • Spiritual Coaching Articles
  • Team Coaching Articles
  • The Law of Attraction
  • The Wheel of Life and Coaching

success!

Do you want Noomii to recommend other ideal coaches for you?

Yes, please!

About Us

  • About Us
  • Get a Recommendation
  • Corporate Coaching
  • Coach Blog
  • Career Blog

Learn About

  • Life Coaching
  • Career Coaching
  • Business Coaching
  • Relationship Coaching
  • Health and Wellness Coaching
  • Executive Coaching
  • Leadership Coaching
  • Team Coaching
  • Performance Coaching

Our Mission

Noomii is the web's largest directory of life coaches and business coaches. Our goal is to help you find the best possible coach for your specific needs. Want help finding your ideal coach? Request a referral or contact customer support

  • Follow us on Facebook
  • Follow us on Twitter
  • Follow us on Youtube

Copyright © 2008-2023 Noomii.com, PairCoach Enterprises Inc. All Rights Reserved.

  • Terms of Service
  • Privacy Policy
  • Contact Customer Support