In this episode of the Dollars and Sense Show host Carol Topp discusses teaching your pre-teens about managing money.

Show notes:

Recap: Our motivation to be teaching pre-teens about money:

Other people's bad examples are all around us, including the US government.

Avoid excessive debt. College debt now exceeds credit card debt.

Someone is watching!

Avoid boomerang kids. We are raising adults, not children

How to Teach

Natural style. As you go about your day. Real life examples.

Get someone else: Sunday school, Scouts, Homeschool co-op

Focused teaching: Family nights, games, books

What to Teach: Pre-teens

* Allowance. Not always in cash. Try a clothing allowance

* Savings Account. Power of compound interest. Match their savings.

* What things cost. Houses, cars, pets, clothes, etc. Explain sales tax.

* What people earn. Occupations.

* Start earning money. Extra chores around the house or for family and neighbors. Really motivated kids should read Micro Business for Teens

Resources:

Boy Scouts and American Heritage Girls money badges

The Secret of Handling Money God's Way from Crown.org Ages 8-12. 12 lessons. individual or class

Money Matters for Teens Age 11-14 Edition by Larry Burkett (oldie but still available)

Career Exploration article Pursuing Their Dreams: Career Exploration for High School Students

Schoolhouse Teachers offers my Career Exploration 8 week class

Micro Business for Teens

Starting a Micro Business television program on YouTube

Kids can play popular online money management games such as Road Trip to Savings, Financial Football, Peter Pig's Money counter, Money Metropolis, Financial Soccer, Record shop tycoon, Burger Restaurant

I'm not familiar with these games, so if you have an opinion for or against, please drop a note in the comments.

Tune in for the next Dollars and Sense show on February 13, 2014 when I will discuss teaching your teenager about managing money.

Carol Topp, CPA