Clark Howard: How to teach your children about managing money

ATLANTA — When it comes to teaching children how to handle money, Channel 2 consumer advisor Clark Howard still believes cash is king.

He said if you really want to teach them how to handle plastic, there is a clear choice on how to do it.

Parents repeatedly ask Clark during every back-to-school cycle if it’s time for them to give their child some form of plastic so they can learn how to handle money.

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That’s because more and more places don’t even accept cash anymore, which Clark finds kind of shocking.

He says he’s always believed that cash is the best way for a kid growing up to understand the finiteness of money.

So what is the best thing to do?

Both Visa and Mastercard offer what Clark calls a “piece of trash”, a Visa or Mastercard debit card that is tied to a savings or checking account and an online bank where you’ll have no fees.

You control adding money to it as you wish based on your child’s allowance, chores, or whatever.

That way they can only spend what’s available on that card.

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