Tag Archives: kids money

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 →

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 →

Parent Bank

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Once your kids are old enough to write, you may want to consider the idea of opening up a local parent bank. What is a parent bank you say? Well, it is a fun and informative way to teach kids about money and the banking process, as well as curbing the “impulse buy.” Often kids feel money just burns a hole in their pockets. When the day comes they finally get some, they can’t wait to get out and spend. It doesn’t really even matter what they are buying, they just want to spend. Sound familiar? This is a common … Continue reading →