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]

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This entry was posted on Saturday, April 15th, 2006 at 9:53 am and is filed under How-to Tips, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.