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Family Finances

10 Money Rules for Parents to Live By

Tips to help parents teach money lessons and be financial role models.

No. 1 Take advantage of day-to-day situations to talk to your children about money and answer their questions in an age-appropriate way.

No. 2 Go slow. Don't rush youngsters into things they're not ready for.

No. 3 Nothing you can tell kids about money is too basic. Small lessons make a big impact.

No. 4 Keep your system simple. If you can't manage it, your kids won't be able to, either.

No. 5 Focus on your top priority, whether it's budgeting, investing or giving to charity.

No. 6 Parents have power. Your children will listen to what you have to say.

No. 7 Trust your common sense and be consistent. Don't waffle.

No. 8 Keep your sense of humor. A smile lightens any tension.

No. 9 Don't buy your kids everything they ask for. And give them a reason for saying no.

No. 10 Know your children so that you can adapt the other rules to their abilities and interests.