Related Posts with Thumbnails

Teaching your kids about money

Teaching your child the value of a dollar and about smart consumerism is an important foundation to smart fiscal management as they get older. Here are some tips:
Eye appeal Children are visual learners. Hang up a savings goal chart, like an empty thermometer or table that they can fill in as they reach their goal. For older children, have them create a ‘Wish List’ of items they want with the cost included. These visual reminders will encourage them to save their money for something they really want.
Field trip Every child loves a good field trip - why not take one to the bank? Many banks offer a joint savings account option that the parent and child can open together. They can be involved in every aspect of their money management. Have them deposit money with you on a regular basis, particularly when they receive money for birthdays or holidays.
Penny pinching Compare prices in stores or online to help teach your child to spot a great deal. When shopping with your child, check the sale and clearance sections first. Let them know they may find something on their wish list or a similar alternative for a less expensive price.
Let them pay Have them use their own money to pay for the items they want. They’ll appreciate the hard work that goes into saving money.
Give them a “job” Teach them the value of hard work by working out a reasonable rate for chores or other odd jobs around the house. Using these rates, share with them how many working hours it would take in order to afford the items on their wish list.
Negotiate Make a deal with your child that you will match a percentage of the amount they save if the save consistently or reach a certain amount. This could be anything from a video game to their first car - it's a scalable concept.
Reward your child for good savings habits. It doesn't have to be with money - it could be something non-material like an extra hour of TV-watching, a later curfew one night or a sleepover.


Post a Comment