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Teach Kids About Money and Help Them Avoid Payday Loans in the Future

Written By Devi Kristanti on Sunday, July 27, 2014 | 1:42 PM

As technology continues to rise, so does access to quick and easy credit. This comes in all forms, including credit cards, payday loans, and cash advances. While such credit can be a good way to keep yourself financially afloat, it can also lead to an over reliance on fast cash that one cannot truly afford. This is made evident by the fact that out of the $11.4 trillion that American consumers owe (a startling number in itself), more than $1 trillion of it is delinquent.

Our eyes have become bigger than our wallets, putting us further and further into debt. If you want your kids to learn from these mistakes, you will have to teach them the cost of money. In order to ensure that they do not become victim to the same temptations of easy credit that we have succumbed to, kids need to learn that money does not come quickly and effortlessly, but requires a lot of time and resources. The best way for kids to learn this lesson is to pick up a summer job. This will teach them the value of money, thus keeping them away from having to take out a payday loan in the future.

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A summer job is a great way for your kids to earn some extra cash and to learn a much needed lesson in finances. By making them responsible for procuring their own spending money, you can teach them that money does not grow on trees, but requires a lot of time and effort. This will help them to better understand exactly how much a credit card or payday loan truly costs, teaching them good spending and budgeting habits and ensuring that they do not sink into a hole of debt in their adult life. There are several jobs that a kid can do over summer in order to earn some money. One tried and true method of teaching your kids financial responsibility is to have them do yard work for the neighbors. People will often gladly pay to have their lawn mowed and hedges trimmed, particularly if they know the money is going to one of the kids in the neighborhood. This has the added benefit of forcing your kid to exercise, as yard work is labor intensive.

Another summer job that is often available for young teens is to work as a counselor at a summer camp. This can give your kid not only some extra cash, but some great childhood memories as well, as they will make friends and have a variety of fun experiences. These need not be overnight trips either. Day camps are becoming a more and more popular destination for children who want to make crafts and do other typical summer camp activities but want to sleep in their own bed.

A final way that your kid can learn financial responsibility and make some money on the side is to embrace their entrepreneurial side. Selling lemonade on the side of the road, making crafts and selling them to friends and family, and other such endeavors will let them be creative, give them some spending money, and teach them important money management and business lessons that will stay with them for a lifetime. By making your kids earn their own spending money, and not have to come to a parent for an advance on their allowance (like an adult payday loan), you will teach them important lessons that they can use for the rest of their lives.

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