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 a good example. Children are very aware of what is going on around them and they will start questioning some of your actions. Take using a credit card for example. When I fill up sometimes my little children will ask me why I use a credit card if they are bad. I have to chuckle at how intuitive they are. But this gives me an opportunity to explain to them the proper use of a credit card.
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. Set a budget. Budgeting is a very useful tool for any family. Many children think there is a "money store" where you go to get money and there is an unlimited supply. When teaching your children about money you can talk about the family budget and how it helps you control how you spend money.
4. Delayed gratification. Because of credit cards many people do not learn that they need to save up for things. Like children we want what we see. Use this as an opportunity to teach your children how they can work for what they want. You can help them save their money as they earn it and you can even match it if you want to. I find this gives my children a big incentive if dad is willing to match what they earn.
5. Take your kids shopping. You are probably already doing this so give them something to do. Show them your shopping list and as you go down the isles have them help you find the best price on certain items. You will be amazed at how good they can be at this and your children and you will find more joy in shopping.
6. Stock market. Whether you know it or not you are investing in the stock market. If you have a savings or checking account then right now part of your funds are invested everyday. Get some books from the library or use the internet to start educating your children about the world markets. So many things are in the news and your children will become very money savvy.
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. - 20763
1. Set a good example. Children are very aware of what is going on around them and they will start questioning some of your actions. Take using a credit card for example. When I fill up sometimes my little children will ask me why I use a credit card if they are bad. I have to chuckle at how intuitive they are. But this gives me an opportunity to explain to them the proper use of a credit card.
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. Set a budget. Budgeting is a very useful tool for any family. Many children think there is a "money store" where you go to get money and there is an unlimited supply. When teaching your children about money you can talk about the family budget and how it helps you control how you spend money.
4. Delayed gratification. Because of credit cards many people do not learn that they need to save up for things. Like children we want what we see. Use this as an opportunity to teach your children how they can work for what they want. You can help them save their money as they earn it and you can even match it if you want to. I find this gives my children a big incentive if dad is willing to match what they earn.
5. Take your kids shopping. You are probably already doing this so give them something to do. Show them your shopping list and as you go down the isles have them help you find the best price on certain items. You will be amazed at how good they can be at this and your children and you will find more joy in shopping.
6. Stock market. Whether you know it or not you are investing in the stock market. If you have a savings or checking account then right now part of your funds are invested everyday. Get some books from the library or use the internet to start educating your children about the world markets. So many things are in the news and your children will become very money savvy.
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. - 20763
About the Author:
Zach Allred is a tax accountant with 20 years experience. Visit Small Business Taxes and sign up for his complimentary Tax Newsletter. Also visit Tax Preparation to get help with your taxes.
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