A New Zealand couple took the opportunity to teach their sons ages 9 and 12 about loans by having the kids sign loan contracts after they borrowed money to buy a new PlayStation and TV.

The two boys, Jordan and Tawera, each wanted to buy a new PlayStation and a new TV. This would cost them $490 total, but they had nowhere near enough saved up in their piggy banks.

Mother of the boys, Nicole Adams, wrote in her Instagram post, "After months of saving chores money, Christmas money and birthday money. Both children’s bank accounts are at $350. As parents, my partner and I were faced with two options of teaching our kids life lessons. The first one is that we simply explain to them that they don’t have enough, and to keep working hard saving until they have the correct amount. OR… We teach them about loans, loan repayments, credit ratings if paid on time without the drama, and the serious matter of added interest and even debt collection."

Both sons signed the contracts and agreed to pay back the money owed. Nicole and her husband went to the store and bought the two Playstations and the TV.

"At this stage, the boys are in debt with the understanding that for the next x amount of weeks they will be doing their chores to pay off their loan repayments. We explained the further details about interests with loans but decided against including the interests in their contracts," she continued, according to Mirror.

"Just last night Tawera sold his computer to our daughter Russia for $160 (£80) in order of paying off his loan faster and Jordan is considering selling his old PlayStation for the same reason. I absolutely love this for them. I feel as though growing up I personally knew nothing about things like this and my credit rating reflected this at the age of 19."

Read More at Mirror

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