| Six Suggestions For Teaching Children Financial Responsibility |
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| Life and Society - Children |
| Written by Zacharias Allred |
| Tuesday, 21 October 2008 07:19 |
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Teaching children financial responsibility is one is of the most important things you can do as a parent. Money affects most every aspect of our lives and financial irresponsibility is the cause for most divorces and credit problems in general. Here are 6 techniques to help you.
Teaching children financial responsibility is one is of the most important things you can do as a parent. Money affects most every aspect of our lives and financial irresponsibility is the cause for most divorces and credit problems in general. Here are 6 techniques to help you. 1. Set an example. Your kids watch you all the time. One day when I was putting gas in my vehicle my 5 year old son started to lecture me about using credit cards. You probably use some kind of card also when you fill up at the tank and yet like me you have most likely told your children that credit cards can cause many problems. Credit cards are tools but like a hammer they can cause damage if used incorrectly. 2. Take time when your children are young. Many times you are in a hurry when you are out and about so you do not take time to answer your children's questions. I know it can be frazzling but think a few years down the road. You will want to explain things about money to them but they may not be asking because they already know all the answers. Take the little extra time when they are small. 3. Use a budget. Every family needs a budget that is reasonable and that they can stick to. A budget can also be used to teach children financial responsibility because you can explain to them that you only have so much money to spend on certain things. This will help you when you are at the store and your child is asking for everything they see. 4. Immediate gratification? The next time your child asks for something they want talk to them about earning the money. If it is really big like a bicycle you can tell them that you will match the money they earn. Help them by finding jobs around the house and yard but do not make it too easy for them. 5. Comparison shopping. When you take your children shopping it is probably a trial for you. Something I have done is I tell my children to find me the best price on certain items. You can even get them little hand held calculators and teach them how to figure prices based on ounces. You will be surprised how this will turn your shopping experience around. 6. World markets. Financial markets are a part of our lives so you need to educate your children about them. This will go a long ways in teaching them about money because they will make better buying decisions. What is a "blue chip?" Why can the market go down in a bull market when unemployment goes down? Your children need to know. Teaching children financial responsibility will pay huge dividends down the road. There are many benefits for you also because your children will become more appreciative of you because of all you do for them. Tell your children that it costs between $100,000 and $150,000 to raise a child to the age of 18. Help your children by delaying immediate gratification and setting a good example. Educating them about the stock market is an excellent way to teach them also. About the Author: Get a complimentary e book on parenting by visiting Zacharias Allred's web site about teaching children. You can also select teaching children about money to see other free articles. |