Teaching your children about borrowing money and repaying debts may seem like a daunting task. But finance columnist Erika Vujnovich may have an easy solution. She recommended using library books as a tool to teach children about loans.
The principles are much the same, but it is far easier to illustrate the practice of borrowing and returning with books than it is with money. This is something that your children can participate with and they’ll also be able to see the value of borrowing a book for just a period.
When you borrow a library book you have a set time to return the book or to repay the debt. Failure to do so will lead to punishment in the form of a fine, much as failure to repay a debt will cost you.
Library books offer a tangible tool that can be used to impart this wisdom and teach children the importance of paying back what they borrow.
Source: http://www.lohud.com/article/20130829/BUSINESS/308290064/Mom-Knows-Money-Borrowed-money-like-library-books-must-returned-time?gcheck=1
