Why teaching your kids about finances can save their lives?

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August 11, 2021 by Julie Kovalova

A couple of days ago I heard a story on the radio: a young couple found their son with a LEGO piece deep up his nose. So, they were forced to go to the emergency room to get it extracted. While the doctor was examining their son, he found out the little boy has a brain tumor. Gladly it was discovered early enough & their son was saved.

Phew! Don’t stories like this make you shiver? Most people will not go to the doctor unless IT HURTS, and the reason is simple: they cannot afford it. However, according to World Health Organization (WHO) exactly: “…preventive care can drastically increase your lifespan”. And save you money in the long run.

The Power of Prevention can be translated into kids’ language with the simple example of getting ready for the test ahead of time instead of the night before. Doing a little at a time is easier, faster, and more rewarding. The same is with learning a verse by heart: you always start with one or two lines.

“Roses are red
Violets are blue
What is a “deductible”?
I have no clue.”

Be open about your income & goals with your kids. Here are some ideas for your family:

  • Go to the ice cream shop & mention that you have a budget. Explain what the word “budget” means. Mention that you can pick any ice cream that fits your budget and if you have change left it may be “invested” (put towards bying a treat next time);
  • While eating lunch together explain to your child what an emergency fund is & why everyone needs it, including their favorite cartoon character: Winnie the Pooh could buy as much honey as he wanted, Little Mermaid wouldn’t have to ask witch for help, Ninja Turtles wouldn’t have to live in a sewer, etc.;
  • While waiting for an ortho appointment with your teen, explain why insurance only covered 20% of their braces cost and who’s pocket is “out of pocket” comes out of.

Asking yourselves these questions in front of your child, and, most importantly, answering them honestly, gives them the feel of trust, involvement, responsibility. They will grow up with the habit of asking the same questions and pass it onto the next generation.

Image provided by: nbcnews.com

Founded in 1950, United Credit Service, Inc. is a full-service revenue cycle management and debt collection agency in Wisconsin providing highly effective, customized one on one management and recovery solutions for our business partners. We offer pre-service collection solutions as well as traditional back-end collections. Visit our website at http://www.unitedcreditservice.com or call 877-723-2902.

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