Kids are taught about sharing, safety, acceptable behavior, physical
health and safety, and good study and work habits but seldom are they
taught about money. These will be things that they take with them
forever, after they grow up and move out on their own.
Money is an
important factor in life and it should be addressed in some manner so
kids at least know the basics such as budgeting and saving.
Involve your children in family finances. Let them know how much you
make or give them a comparison so they can better understand how much it
is. Tell them how much each month money is spent on expenses, and what
goes to savings, etc. If you are saving a lot your kids may try to as
well, while if you are disorganized and spending without knowing how
much you have available your kids may follow in that trend as well. How
you spend your money will show your kids how much you have or don’t have
to spend.
If you use credit cards, as soon as the bill comes in, pay it off and
let your children know what you are doing. This way they will understand
the use of credit but see that it gets paid off as soon as possible to
prevent any financial problems in the future. Teach them the difference
between debit and credit cards. Show them your online account with your
bank or your bank repository booklet where you keep track of all
incoming and outgoing money.
Then let your children manage their own funds. If you give them an
allowance, let them do what they want with it. If they come to you
asking for more money or something in particular they want, tell them to
save their allowance so they can buy it. This will teach them to save
and not be expected to get everything in life for free. If they have a
part time job, it may be practical to set up a bank account with a
savings so they can put this money there and earn interest. Teach them
about comparison-shopping. What they may find in one store may be less
expensive in another. If they get into a financial dilemma and they need
your help, make sure you make them pay you back or else they may take
advantage of the situation again.
If your children know the basics of financial management they will have
a better grasp on life once they enter the real world on their own. For
more information on financial matters please visit
http://www.marriedfinances.com/.
Kelly Kennedy is the Communications Specialist for MindComet
Corporation, a full service marketing agency for Fortune 500 companies
and international conglomerates. Kelly specializes in public relations
strategies focused on personal finance. Kelly has been author to
hundreds of articles focusing on finance. She also acts as a
contributing author for a wide variety of websites and newsletters.
Kelly holds a Bachelors degree in Marketing from the University of
Central Florida.
Article Source:
http://EzineArticles.com/
Trick or Treating - Keep
Your Kids Safe Halloween is a holiday loved by kids everywhere. It’s a fun time
to dress up like silly or scary characters and go trick-or-treating in the
neighborhood. Be sure your kids are safe while trick-or-treating with these
quick tips..
