How you to give your child the gift of fiscal responsibility

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KANSAS CITY, Mo. --  How can you give your child the gift of fiscal responsibility?

Consumer savings expert Regina Novickis appeared on Tuesday's FOX 4 Morning Show to talk about five ways to do this with your children as the holidays approach.


  • Show them the value of saving.  Not sure what to do with all those cards from aunts and uncles stuffed with cash? Help your child see what his or her money can buy by teaching them how to prioritize and save. Create three jars - each labeled "Spending," Saving," or "Sharing."  Every time your child receives money, whether as a gift or as payment for doing chores, divide the money equally among the jars. Have him or her use the spending jar for small purchases, like candy or stickers. Money in the sharing jar can go to someone you know who needs it or be used to donate to a friend's cause. The saving jar should be for more expensive items.


  • Start a savings account with your grade school-aged child. Once the saving jar starts to fill up, further the opportunity to teach the value of saving money as early as possible. Take your child to the bank and open a savings account at an early age. While they may only make deposits of $5 or $10 at a time, this will teach them that a little bit can add up over time. Likewise, if you child wants something expensive, have them set aside a small amount of money each month to pay for a portion, or all of, the item.


  • Teach tech-friendly children to use online promotional codes and coupons. Kids are frequently surfing the internet and using mobile devices so teach them to use websites like or or the mobile app version to find coupons and discounts for key items they want to purchase. They will have fun searching for deals and it will teach them the value of looking for a bargain when purchasing an item.


  • Help your teenager establish credit As adults, we know how important a credit score can be. The number dictates one's ability to purchase a home, finance a car, and more. We also how tempting it can be, particularly around the holidays. Figures from the Federal Reserve show that American consumers today owe $848.9 billion dollars in credit card debt. 2012 credit card debt increased $20.7 billion from October through December. When you deem your teenager old enough, perhaps upon high school graduation, take them to open a student credit card through your bank. This will have a low limit like $250, but will teach them how credit works and help them began to establish a credit score. It's important to tell your child the basics of a good credit score like always paying bills on time, not opening too many accounts and keeping revolving balances low.


  • Teach your kids responsible gifting. Kids can all too easily mistake the holidays for a time.


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