Money Training Begins at Home

I have actually met many parents who are resistant to really teaching their kids about money. Why is that? Some don’t give allowances because they then lose control over what their kids get to buy. Okay, but… how can your kids learn?? Putting your head in the sand about money won’t help your problems or teach your kids. Children need to learn good money management from their parents. Some basic financial concepts taught as early as the preschool years are short-term vs. long-term goals, delayed gratification, value of money and the power of saving. While these sound complicated; they are … Continue reading

Teach Your Children Why They Should Manage Money

You can teach your children how to budget, how to save, and how to shop sales, but if you neglect to teach them why they should do these things, it will doesn’t matter that you taught them everything else. It is important for your children to learn the reasons that money management is so important. This will help to motivate them to do it the right way when they grow older. Here are four things you can do to teach them. 1) You can show your children what happens when money is managed poorly. One way is to give them … Continue reading

4 Ways to Encourage Your Children to Save

Saving should be an integral part of what you teach your children about money. It goes along with the importance of teaching your children to give. It may seem silly to teach your three-year-old to begin saving money, but if you teach her when she is young, the habit will go with her. Here are four different ways to teach your children to save. 1) When your children are young, have them save money towards a specific goal. It might be fun to do this in a big glass jar. You could save for something as a family. When they … Continue reading

Don’t Bail Your Kids Out

As parents, our initial gut reaction is to rescue our children. While in many instances, this can be a good thing. When it comes to money, it is usually better not to step in. Kids need to learn from an early age that managing money is their responsibility. Not that mom or dad will bail them out if they don’t have quite enough. Unfortunately this financial reliance on parents doesn’t always go away as children grow. When it comes to money matters, you usually need to teach them to be independent. No doubt kids learn quickly that money can buy … Continue reading

Teach Your Kids About Materialism

The best financial education you can give your children is far more internal than external. Money habits are skills, but financial good sense is something derived from within. The key process is to help your kids develop a healthy appreciation for money and the things it can buy. Teaching your children to value money and their purchases will greater ensure their success and happiness later in life. Like most things you teach your children, the first step is becoming a good role model. A great place to make this effort is to reduce materialism. In general, this word implies the … Continue reading

Budgets for Kids

As your children grow older, it is important to introduce additional money strategies. While they live in your home, it is the perfect opportunity to teach them critical financial skills that can help them as they move on in the world. Once your children can grasp the concepts of allowances, saving, and tracking spending, the next step is to teach them some basic budget skills. Older kids may even enjoy doing this on the computer. Start by first sitting down with your children and show them your budgeting system. Talk together about the whys and whats of a budget. Explore … Continue reading

Start Teaching Your Kids about Money

There is never a bad time to start teaching your kids about money. The best approach is to make it a part of their life, just as it a part of yours. Money makes the world go round… or so some people feel. Whatever your thoughts are on money, it plays an integral role in most everything we do. Therefore, the best way to teach kids about finances is to include them. Start first with a piggy bank. Even young kids love the sound of coins dropping in the slot. Then move on to using money for math lessons and … Continue reading

Should We Force Our Kids to Save?

To be completely honest, I am struggling with the question of whether I should be forcing my kids to save or not. As it happens so often in parenting, the issue of natural consequences vs. discipline is debated. In most cases I usually find some sort of middle ground between telling my kids what to do and letting them find out the “hard” way. But what is the middle ground in learning to save? I know some parents who require their children to save a portion of their allowance, gift money, or earnings either in a true bank savings account … Continue reading

Teens Saving Money

What is the best way to teach teens money saving tips? Most teens I know only love to spend money. For a parent teaching kids about savings it basically involves the fine art of motivation. Kids are certainly all about instant gratification. Although teens are starting to look and act like adults, they are still very much kids at heart. The maturity around setting limits, especially with money, has not been instilled in their development. But, that doesn’t mean you shouldn’t start teaching your teen money saving strategies. Just be patient, knowing that your advice and tips will probably not … Continue reading

An Allowance Chart and Buying Candy!

My three-year-old daughter took her twenty cents to the grocery store and insisted on buying candy. Twenty cents won’t buy much – in fact it won’t buy anything, and I really worked on getting her to wait another week until she had forty cents. But no, she was so excited to earn money that off we went to find some candy she could buy with her pennies. Teaching my daughter about money is going to be fun, – and also a challenge. She can be pretty strong willed. I’m lucky that she is also very funny and generous so her … Continue reading