Cash for Kids

How much would you pay your kid to sweep up spilled Cheerios from the kitchen floor? With summer just around the corner, many kids are looking for ways to make money to fund summer fun. In most cases, younger children look to their parents for spare change or cash in exchange for hard labor. Okay, maybe that’s just my house. Older children may look for outside work to pad their wallets; though securing a summer job is not always easy. It pays to start the search for summer employment early. Many businesses start posting seasonal positions as early as March. … Continue reading

Helping Kids Earn Money

With Christmas looming, my 7-year-old daughter’s gift wish list seems to grow by the day. She’s been combing through toy catalogs since October and has dog-eared so many pages I’m afraid that Santa won’t be able to deliver all the goods. In fact, I know Santa won’t be bringing half of the things on her mile-long list. Without blowing her belief in the big guy, I have been gently reminding her that if (more like, when) Santa doesn’t grant all of her wishes, she still has the opportunity to get them by paying for them herself. Currently, she earns a … Continue reading

Involving Your Kids in Your Finances

How aware are your children of your financial situation? Do they simply think that money is always available for them to spend? Or do they worry because they know that you do not have a lot of money? It can be difficult to find the balance of how much your children know about your current financial decision. You do not want to overwhelm them with knowledge that they are not ready to handle, yet it is important to teach them the value of things and how money works. It can be beneficial to have your children learn your monthly budget. … Continue reading

Teaching Your Children the True Value of a Dollar

One important thing to teach your children is how much things cost. This can be a difficult thing for children to grasp. They may not understand why there is not enough money at the end of the month for the new pair of jeans that they want. If they are young, they may want something as simple as a treat at the grocery store each, week, and not understand why you can not get it for them. As soon as you feel your children are old enough to begin to grasp the numbers, then you can sit down with them, … Continue reading

When Will You Stop Supporting Your Children Financially?

The time that you stop supporting your teenager or young adult will vary from family to family. Some families will help their children through college, and others expect for them to provide for themselves after high school. It is a personal decision for each family to make, but it is important that your teenager know what your decision is, long before the time comes. If you are expecting your child to become financially independent shortly after graduating from high school you will need to make sure they have the necessary skills to manage their money. (In fact most teenagers need … Continue reading

The Importance of Teaching Your Children About Money

For some families the topic of money is taboo. This is especially true in families where money is not managed very well. Although it can occur in families that do a good job saving and investing as well. Often the parents do not want to worry their children, but rather want to provide everything for them. In many instances the children will receive nearly everything they want, but end up lacking the critical skill of money management. You do not need to sit down and share every detail of your financial situation with your children. You may begin by simply … Continue reading

Teaching Teens to Save Money

It is important to teach your children to save money. This step can be easy to do, especially if you start at an early age. Saving money will teach your children discipline. It will also help them to see that as they save their money they will have more power to do the things that they want to do. Here are five tips for teaching teens to save money. 1) Have your teenagers save towards a goal. It may be a car. It may be a high school trip. If you discuss the goal with your child, and make a … Continue reading

Teaching Teens to Manage Money by Limiting Handouts

One of the most important things you can do to teach your children to manage money is to limit the amount of money that you give them each month. This is important because it gives them the opportunity to learn to plan ahead, and watch how they spend their money. It also encourages them to shop wisely. This may seem difficult to do and your teenager may complain when you do so. Here are five tips when beginning to start a set amount that you will give each month. 1) First sit down and discuss with your child the amount … Continue reading