How to Teach Kids About Money Management
Sound Money Tips (Thanks Wendy of Lifehacker) has some quick tips on how to teach young kids about money management. If kids can develop a mindset of taking money as only a medium to get what they want and know how to control money rather than being controlled by it, they’ll live a happier life. Sooner or later kids will understand that money has to be earned, but not all of them know how to budget and live a life free of debt. Start teaching them when they are young and teachable:
- Avoid borrowing money wherever possible.
- Money isn’t your best friend so don’t let it control your life.
- Show them how to budget & live within their means.
One more point I’d like to add is to teach our kids know how to enjoy and appreciate what they have. It’s a key to happiness.
Tips For Teaching Kids About Money [Sound Money Tips]
Technorati Tag: Parenting
April 16th, 2006 at 5:37 am
I agree, far too much of todays world focuses on money, how to get more and then how to get rid of it.
I will teach my kids to be responsible with it, but also that they don’t need to focus their lives on it. Money does not make the world go round…or it shouldn’t anyway.
April 16th, 2006 at 5:51 am
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March 1st, 2010 at 4:21 pm
Being a mother of two this is what i have done my my children Establish a regular schedule for family discussions about finances. This is especially helpful to younger children–it can be the time when they tote up their savings and receive interest. Other discussion topics should include the difference between cash, checks, and credit cards; wise spending habits; how to avoid the use of credit; and the advantages of saving and investment growth. With teenagers, it’s also useful to discuss what’s happening with the national and local economies, how to economize at home, and alternatives to spending money. All of this information will be important as they take on more responsibility for their own financial well-being.