Search Results for: blog teaching kids about saving

Teaching Children Financial Literacy

It is only natural for parents to want their children to have an easier time of things when they become adults than they themselves have had. No parent wants his or her child to grow up, become independent, and then struggle financially. Fortunately, parents are in a position to teach children the fundamentals of finance so that they have a better chance of having that easier time that their parents wish for them. Financial literacy is not something that was taught in school when I was a student, at least not in much depth. In a class called “Personal and … Continue reading →

Teaching Preschoolers about Money

In my opinion, it is never too early to start teaching your children about money. While you do want to shield your children from any stress or negative financial realities, at least while they are little, it is good to start teaching them the basics of managing money. Money is a huge part of our society, and it always amazes me how kids can no clue how much of the system works. For a young child the best way to teach about money, its uses as well as your own values concerning it is through example. If you go out … Continue reading →

Teaching Kids about Maintaining the House

This week I have really been concentrating on teaching my oldest child how to do the laundry. We have gone over sorting, setting the washer and turning it on, adding detergent, transferring clothing to the dryer, setting the dryer and turning that on as well. When the laundry is done, he brings it up two flights of stairs to the master bedroom, where I will fold it (we will work on folding another time). You may be surprised to know that my son is only seven. At his tender age, he also knows how to vacuum his room, wipe down … Continue reading →

Get Your Kids Investing

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Want to start your children on a good path towards financial freedom? Start teaching them investing skills now. As soon as they are old enough to talk, they can start getting involved with the basics of money. Once they are in grade school, you can begin to teach them the valuable skills of investing. Some tips on just how to teach your kids some investment skills are: 1. Start by explaining what investing is. Not exactly sure yourself? Typically most kids understand saving — where you are putting money aside to buy something later, adding to that money as you … Continue reading →

Talking About Finances with Your Kids

My experience as a single parent has made me more determined than I think I would otherwise be to make sure my children have a good understanding of personal and household finances when they embark out on their own. I am a bit of a zealot when it comes to talking about the details of money management and I think since I grew up in one of those household where we could never talk about money—I want to make sure my children have more of an open, informed attitude about finances. The other day, one of my daughters and I … Continue reading →

Extreme (Grocery Bill) Makeover: What Happened When We Put Our Kids in Charge

In case this is the first blog you’re reading about this I’ll just give a brief synopsis: Kids eat lots of food. Kids grow–want more food. Parents trying to control budget. Think of brilliant idea. Parents give kids money to buy their own food. Twins don’t count. Four year old only buys snacks. Dinners, fruits and vegetables are free. Does mom lose hair or are kids happily budgeting? And the question everyone is dying to know is did it save any money? We presented our idea to the kids. They were all for it. To them, it’s free money that … 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 →