Our son is working on a project in his social studies class. It involves looking at a problem that might plague a modern day family and then outlining a solution to that problem. Guess what problem he picked. Credit card debt.
After showing me the initial stages of his project, I asked if I could give him some help by sharing the process that we went through to get out of consumer debt. He accepted, and I began to tell him our tale focusing on three important principals: setting up a budget, living below our means, and creating an emergency fund.
Little did I know all of the questions that this discussion would generate.
"How many credit cards did you have?"
"Why do we eat out just because we have a coupon when we could save more money and not eat out at all?"
"I heard you talking to a lady one time who said that she had nine credit cards at one time. Why does a person need so many credit cards?"
"What do you do when an unexpected expense comes up? Where does the money to pay it come from?"
I was pleasantly surprised by all of the thoughts that so quickly came to his mind. Needless to say I enjoyed answering all of these questions because I love to discuss managing finances. But more than this, I am happy to see that my son is thinking about matters that many people don't even consider until they reach adulthood.
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