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Expert: Teach kids early about money decisions

PHOENIX -- Teaching your child to make smart money decisions should start as early as possible, a financial expert said.

"Parents can talk to their kids more about money," said Michelle White with Mass Mutual. "The conversation isn't being had in many households."

Whether a child receives an allowance, monetary gifts on special occasions or they earn money for completing chores that are beyond expected household obligations, the money should be budgeted to include a majority of the dollars going to their college education.

"Parents can talk with their kids about making smart choices with their money, helping them identify what is a 'want' and what is a 'need,'" said White. "Saving should always be first."

The key to helping your child grow into a financially responsible adult rests with the parents. White said teaching them to budget, spend responsibly, save habitually and allowing them to make mistakes could lead to successful money management habit later in life.

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About the Author


Sandra moved from the small border city of Yuma, Arizona to study Broadcast Journalism at Arizona State University in the late 90s. Since graduating, she's worked at several local TV stations including Univision, Fox 10 and 3TV.

Working at KTAR, has allowed her the opportunity to cover major national news events, including Presidential visits, the Tucson Tragedy and the Wallow fire.

When Sandra isn't covering breaking news or behind a microphone in the studio, she's probably at home with her best friend Mark and her two dogs, Lily and Lola.

Sandra enjoys cooking and admits to enjoying "really bad" reality T.V. She also enjoys spending quiet time at home with people she loves, playing a little poker and traveling.

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