Author Archive

Image via Wikipedia

Children need to learn financial responsibility because we live in a money centered society. Without this skill your children will flounder. Financial irresponsibility affects most areas of our lives from marriage to buying a home. Here are some ideas 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. Start when your children are little. As soon as your children can ask for a piece of candy they are ready to start learning about money and financial responsibility. You can take a few extra minutes and kneel down beside them and show them the different markings on coins and bills and how they relate to price tags.

3. Have a budget. Our spending overtime usually evolves into a budget system since most of us have to be careful with our money. Use this as an opportunity to teach your kids that each month you have a set amount of income that comes in and therefore, you have to be careful how you spend it. This may also help your cause when you are at the store and your child is asking you to buy them everything they see.

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.

Children can learn to be financially responsible when you as a parent start early and teach them by example. Let them be part of the solution when you are shopping and trying to make good decisions. When they want something show them how they can earn the money with your help. Do not forget the world markets as a tool for teaching your children. Discuss financial concepts. Like me you can learn a lot as well.

Related articles by Zemanta

• Everything You Know About Kids and Money is Wrong