Tune in to Improving Your Credit Worthiness radio program on WSIV 1540 AM with James and Barbara Peterson.  The radio prgram can be heard every Wednesday 2 - 2:30pm.

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Stay tuned...this program will air on Wednesday, April 22, 2009.  These changes will help consumers.  

Aired on April 15, 2009

There are certain steps that we as parents need and should teach our children about saving and investing for the future.  Foreclosures are at an all time high and with that in mind, many parents are worried about the financial future and education of their children. 

Studies show us that pre-teens, teens and young adults are not prepared to face the future, financially.  Unfortunately, these children are not prepared because their parents are not prepared.  Remember the apple does not fall too far from the tree.  

Now is the time to teach our little ones and not so little ones about storing up for the future.   Our children cannot recognize the difference between a want and need.  So, as their parents it is our job to teach and explain the difference.  Examples of 'wants' are:  cell phone, iPod, acrylic nails, $150 sneackers, a pair of $90 jeans with someone else's name stitched on the back pocket.  Example of 'needs' include:  food, a place to live, affordable clothing, books for school...the list goes on, but we will stop here.

Parents, remember it helps our children financially when we show them the household bills;  it is a reality check for them, it helps them to put finances and the temptation to overspend in perspective.  Also as parents we should be mindful that children and yound adults are not motivated by money. 

We remember when our own children were in college.  When February - March rolled around each year,  the talk of Spring Break filled the air.  Not once did we here our children talk about how they were going to pay for the yearly Spring Break trip.  This confirms that children and young adults are not motivated by money.  They are however, very motivated by what they can do with money.  Money allows them to pay for Spring Break trips.  Talk to your children about the type of lives they want to live.  In that conversation be sure to mention that it takes money, planning and savings to get to where they would like be.  

We must show (not tell) our children how to set up and develop a plan to save.   This plan should include how much they (children) earn in a month and how much they spend in a month.  A notebook (purchased at the dollar store) will do.  At the beginning of each month instruct your child(ren) to write down what they spend and what they earn.  This is an excellent opportunity for children to see where they are overspending. 

Children learn what they live.  Parents, if you have credit card debt that you cannot afford to pay and if you are not saving, your children will eventually think of your habits as normal and when they are older they will repeat the same pattern.