Teaching Your Children About the Value of Money
We take it for granted that children know how money gets into our wallets. The tips below will guide you through teaching your children the value of money. Now I'm not referring to the value of stocks and bonds, compounding interest, or the current market value of a U.S. dollar. What every child should be taught at some time, is: the purpose of jobs (how we earn money), saving for goals (how to save money), limit needless spending (how to budget). It's up to you to decide when and at what age it is appropriate to discuss the following topics. But keep in mind that if you don't teach them the skills to make educated, responsible decisions with their money, you will be holding back a valuable lesson that should be taught. Learning how to successfully manage money is a skill they will have for life. Where To Start Don't assume your children know the meaning or purpose of a job, bills, banks, etc... Let them see you pay your bills. Explain to them how you have 'X' amount of dollars per month to pay for everything. Point out the dangers of getting into debt (credit cards). Explain that ATM machines are not magic money dispensers that give you as much money as you need, for free. Learning comes from experience. Just talking about money will not get the job done. Learning how to earn, save and spend money appropriately comes from real life experiences. If your children do not have an allowance already, think about starting one. Only when they have their OWN money to manage, can they put your lessons into practice. When you are discussing allowance with your children, relate it to your own life. Explain to them that when you want to buy something, you must first work to earn money, then save enough money in order to purchase it ie: car, house, clothes. Tell them that if you don't go to work and earn money, there's no way you can afford to buy what you want. You can then explain to your children that if they want to buy a new toy, they must earn the money in order to buy it. It's Up To You You can design your childs' allowance and chores however you see fit: weekly, bi- weekly, monthly, pay-per-chore. One method that's effective is designating 'X' number of chores, for 'X' number of dollars per week. For example: "Johnny. You will earn $5 a week if you do these jobs/chores: water the lawn (twice), take out the garbage, vacuum the house (twice), and feed the cat everyday." It's up to you to develop a list of chores that can be done around the house, and an appropriate allowance amount to go with it. In other words, you shouldn't have your child painting the whole house for a quarter. You should also be sure and make the jobs/chores age appropriate. A twelve year old will be able to do more than a seven year old, so take this into account when thinking of chores. Now don't confuse allowance, with the basics. What are the basics? Keeping their room clean. Doing their homework. These are jobs that should be done without question. Period. Once You Start When your children earn their allowance for the first few times, they will want to immediately go and spend it. Fear not. This should be expected. Here is where you can start to teach your children. Sit down with your children and talk about the "things" they want to buy. Have them prioritize their items on a list, in order of importance. This list can be considered their "Goal Sheet" - the reason they are saving their money. Have them keep this list in their wallet/purse/piggybank, so they will always be able to look and see what they are saving for. You should also keep a copy of this list just in case they lose it, or want to purchase something that's not on it. The next time you are in a store, and your children want to use their money to buy something, first ask them: "Do you have your wallet/purse that has the money you've been saving?".You can then ask them if that particular item they want to buy is on their list. Asking these questions will get them thinking about the items importance. Is it more important than the other items on their list? Let your child make the decision whether to buy or not. Regardless of what you say, more than likely your children will make the purchase even if the item is junk. That's ok! This is a lesson your child must learn. Only when the initial thrill of the toy wears off, or when your child realizes that the other items on his/her list were more important, will they begin to understand the value of their money. Conclusion These are only some of the possibilities you might want to look into. Regardless of what you can take from this article, adapt it so it fits into your family lifestyle. Money management is a learned skill that comes from real experiences. It is very important that children learn the value of money and the role that it plays in our lives. Teach them how to make smart, educated buying decisions. Stress the importance of setting priorities and working to achieve that goal. Once your child achieves one of his or her goals, they will understand what it takes to be successful. They will know how to budget their money and limit unnecessary spending in order to buy what they REALLY want or need. Gregory Thomas has been writing effective money-saving tips for SavingSecrets.com for over six years. Hop on over and you'll find FREE money-saving articles, a monthly newsletter, and even a FREE Ebook download just for stopping by! http://www.SavingSecrets.com
Related News
Sarah Palin's Feminists for Life Membership Points to Pro-Woman ... - LifeNews.com
What it takes to be a good parent in today’s culture - The Prairie Star
Denver rules: A guide to parenting, the Democratic Convention way - Globe and Mail
Faith and Spiritual Life: Outreach - HeraldNet
The Observer - Sarnia Observer
Parish needs more foster parents - Natchez Democrat
Parish needs more foster parentsNatchez Democrat, MS -2 hours agoIn that same region, there are approximately 200 foster parents. In Concordia Parish, there are only 10 foster parents, but there are 30 foster children in ... |
Struggles of single parenting - Waseca County News
Waseca County News |
Struggles of single parentingWaseca County News, MN -6 hours agoBjerklie’s parents, who live in Bjerklie’s hometown of Fergus Falls, Minn., have a tight-knit relationship with Hannah, and Bjerklie also has brothers who ... |
Man sentenced to 18 months for cat stabbing - WTHI
Amherst Center: Lessons for town in kids' allowance debate - Amherst Bulletin
Father to gallery: leave parenting to parents - Canada.com
Father to gallery: leave parenting to parentsCanada.com, Canada -Aug 25, 2008"I am appalled that an agency of the federal government would think it had the right to tell a parent how they can hold their child, that they are going to ... |
|
|
 |
|
|
RELATED ARTICLES
Parenting Your Teenager: The Power Struggle
Q: My husband and I are at a loss as to what to do with our two teenagers. They have been great kids and all of a sudden it seems like we are in teenage hell! We keep fighting to see the kids we once knew, and they keep fighting to get their own way. We have been considering family counseling, and really would like to know what goes on in counseling. Can you give us some help with our kids and what to expect in counseling?
Would You Know if Your Child Were Being Bullied? 4 Tips to Keep Them From Becoming a Victim
The 21st Century Problem in Schools: Bullying, and How to Keep Your Kid From Being a Victim
Children Who Talk to Angels
What do you do when your child begins talking to some unseen entity? How do you determine if it's a psychic event, an imaginary playmate, or some sign of a mental health issue? You want to handle things in a way that is best for your child and of course in a way that isn't going to harm them in any way. You also want to make sure that you speak from a spiritual belief system that you can believe in. Your child will know if you are uncomfortable with the topic or if you don't believe in what you are saying. They'll also be able to tell if you are scared or threatened by the subject matter. You will want to fully research the concepts and choices before saying something that you might later regret. The first response should probably be no response. After all, it may just be a fabrication to gain attention. Kids do that.
Some Good News About Blended Families
They Spur Members To Grow Emotionally
Attaboy! Encouraging Phrases That Build Confidence
Home, home on the range,
Where never is heard
A discouraging word
And the skies are not cloudy all day!
13 Ways to Spend Time with Your Teenage Daughter
The older my daughter gets the more it's sinking in that I don't have much time left to spend with her! She's turning 16 in a couple of months, and I know I won't be seeing her much after she gets her driver's license.
Picky Eaters - The Dawn of Understanding
"In general my children refuse to eat anything that hasn't
danced on television." (Erma Bombeck, 1927-1996)
What Are Reasonable Expectations of a Child?
To have reasonable expectations of our children is an important aspect of wise parenting. Reasonable expectations leave room for a child to be a child but understand they are on the road to learning to be a mature adult. Often I see parents who try to hold their children to a much higher standard than the child is able to accomplish or just the opposite, ask almost nothing from the child. Many parents who were forced to work hard as a child, either because of financial reasons or over-strict parents have vowed that their children will be allowed to just be "kids" and enjoy life. May I tell you that there is a happy medium?
How Is Peaceful Parenting® Different?
Peaceful Parenting® ideas are very different from other kinds of parenting practices that you have learned or read about. Certainly it is harder to practice Peaceful Parenting® than to simply threaten or bribe your child into following your directions or making what you consider to be the "right" choices. But what is the heart of the difference between Peaceful Parenting® and other programs?
New Baby ? Relax and Become a Yummy Mummy
Lets face it becoming a mum is a bit of a shock at first, to say the least. Sleepless nights and eventful days make it a struggle to get a shower and wash your hair in the morning, never mind applying make up and fiddling with volume brushes and hairdryers. This is why most mums have swapped their kitten heels and sleek hair for the more comfortable trainers and scrunchy.
Toilet Terrors And Other Potty Training Fears
Potty training fears, often called toilet terrors, are common among toddlers and small children. Look at things from your child's perspective. He is giving up the security of a diaper for a big, cold thing with a giant hole that might swallow him. Up until this point, your child has been able to go in his diaper. He didn't have to control himself until a potty was available. He could go anytime and anywhere, knowing that someone would always be there to change his diaper. The idea of having to go to a specific location means he will have to stop what he's doing to use the potty. To top it all off, he looses the warmth of his diaper and must now go potty naked where other people might be watching!
Power Foods for a Powerful School Lunch
There isn't a school day that goes by that I worry about my son's lunch. Of course, I ask myself the usual questions: Is he eating what he has in the bag? Will he trade his apple for a cookie? Will the school lunch he's ordering once a week be nutritious? He's a kid! He's not a fussy eater, but there are plenty of days that he has come home with a bag full of food. I'll ask him "what did you eat for lunch?" He always says, "nothing." What's a parent to do?
Is My Child Lazy?
Is there a difference between lazy and unmotivated? Why do some children move as if in slow motion? Is this normal or are they just trying to irritate you? You may be surprised to learn that a great many factors come into play when a child appears to be lazy; stage of growth, hormones, hunger, motivation, lack of clear directions and maybe even sleep deprivation.
Breastfeeding, Its My Right
My name is Duncan and I'm 2 years old. I want to thank my Mommy and Daddy for choosing breastmilk as my only food for my first six months. It turned out I had lots of food allergies that lead to ear infections. I would have been a very sick baby if I hadn't gotten the very best food for babies.
What To Do With A 6 Year Old Smart Mouth Know It All
Just the other day, I was talking to some other stay at home moms and asked if they were struggling with any difficulties. "Yes," one piped up almost immediately, "discipline problems with my 6 year old smart mouth
know-it-all! I don't want to spank, and don't, but he seems to laugh at time out, privilage loss, etc. What do I do?"
Book Review: How to Get Your Child to Love Reading
How to Get Your Child to Love Reading was conceived when author Esmé Raji Codell was staring at a shriveled potato that was sprouting eyes. She wondered, " . . . if I had a potato, nothing but a potato, how could I teach a classroom full of children? Well, I could cut a potato in half. (I can use the paring knife from my own kitchen, right?) We could review fractions. With one half, I could cut a design and do potato prints. We could plant the eyes from the other half of the potato (it can have eyes, right?) and grow more potatoes, charting their growth." The ideas cascade: writing a story about a potato, making a book of potato recipes or potato poems, making potato stamps of all the letters, teaching reading, getting books from the library about potatoes, talking about the Irish potato famine, writing letters to executives about potato chips or Mr. Potato Head.
The Parent Teen Relationship: How Effective is Yours?
It was the homework that did it. Each night became a challenge in how I was going to get my son, a non-academic, to do his homework. I tried patience, encouragement, and teaching, all to no avail. I moved on to bribery, threats and punishment, still no success. Finally I tried anger, frustration and tears, but still no joy. At the end of my tether I knew it was time for a change.
The Recipe For The Making Of A Self-Assured Child: One Part Communication, Two Parts Love
Each child carries a unique picture of the self, shaped in part by the influence of parents. Your child is not born with a self-image or self-assurance. Both traits are learned through experiences beginning from birth.
Raising Teenagers? Stay C.A.L.M.
Parents of teenagers frequently ask what can be done to improve their relationship with their kids. This can be a challenging time, and a time when parents sometimes feel rejected, out of touch, and unclear about what to do. Here's a simple strategy that can help set you up for a smoother ride.
Patterns For Plus Size Children
Plus size children and overweight children need patterns and clothing that fit THEIR "larger than average" measurements. Sadly, neither ready made clothing nor commercial patterns address the real issue of children's measurements.
|
