Free Debt Management & Bankruptcy Articles

Professional Authors - Professional Articles

How To Effectively Teach Your Kids About Budgeting & Saving!

If you have kids you already know just how hard it is for them to try and postpone things that they like to do or want to get. Kids want it now an not tomorrow let a lot a few months down the road. Whether it's a young child or a teen, they very, very good at trying to spend your hard earned money without any thought of how hard you worked to earn that money. One of the biggest mistakes you can do as a parent is give your child whatever they ask for. You do this and your child will never learn a thing about the value of a dollar.

First thing, you should probably let them have some of their own money. If a child has their own money then they are going to have to make their own decisions on how to spend their own money instead of spending your money.

You shouldn't just give them the money for nothing. You need to teach them how to earn that money and usually the best way of doing that is to assign them chores. Young children can do easier things like putting their clothes away or cleaning up their room. Teens can do far more besides their room, they can be assigned to do yard work, take the trash out, clean the bathroom, clean the car, especially if they want to drive it.

Once they start earning their own income the next thing you are going to have to try to do is encourage them to save some of their money. Even go as far as to open up a savings account and take them to the bank on a regular basis and let them deposit their own amount of money. Don't try and make them save everything they earn just a percentage of it. They do need to have a little spending money just like you do. The money they get as gifts like birthdays and Christmas should always be theirs to spend and you should never ask them to save back any of that. One way to encourage them to save on their own is to offer to match what they save. So if they put $5 in their account you can match it by adding $5 to it.

When they go shopping, go with them and try to teach them to look for sales and bargains. If there is something they want but they may not have enough saved up for the one they are looking at show them how to go and look for bargains where they might be able to find the same thing or something similar for a lot less money.

Sit down with your kids on a regular basis and go over their finances with them. Review the things they are buying and see if you can help them learn how to spend their money wiser and how to get more value out of their money. This is a way to help them to learn not to buy without thinking or researching first, it could also teach them to be more patient as well.

If your child runs out of money before their next allowance day, don't bail them out! Do not give them any money. This is the worst thing you can do, you're teaching them nothing by doing this. They need to learn from their own mistakes and what the consequences are if they spend all of their money before they get paid again. If they are flat broke, oh well, they need to understand that if they just blew their money they only have themselves to blame. If there is a good reason for them being broke you might offer them a loan but that's what it is, a loan and they must pay you back out of their allowance.

If they set a goal and reach it, then you need to make sure that you praise them for a job well done. Compliment them on their patience in saving the money they needed for something they wanted. This will reinforce positive feelings about saving money on their own.

Post has no comments.
Post a Comment

Captcha Image

making payments credit companies unexpected expenses flat broke purchase protection original creditor younger children cash bad debt management debt free debt traps low interest full details lose your job high interest rate unemployed hospital budget categories assets deals in writing loan harassment credit limit lending company family budget modified payment plan school jobs part time job finances children saving medical bills children budget software understanding home equity ill health credit scores secured loan debt problems budget sheet second job personal finances spend money payday loan companies credit company tracking money legal action debt collectors new job initial research down payment back support need money credit repair debit card emergency savings account Chapter 13 reduce debts check card investing home equity loans overcharging interest rates great budget specific budget categories liability debt management tips salary live your life own money repayment plans creditors security phone calls negotiation bad financial decisions home debts repay groceries bankruptcy telephone bills debt management debt collection agency insurance borrow money help with debt internet account interest debt management advice regain control debt consolidation medical debt pay off bill debt payment period income borrower repay loans monthly budget paying bills loans loan agents unsecured loan domestic support invest money credit score financial security receipt credit rating credit card traps illness save money trusted friends become free more income borrowing savings account paycheck seperate accounts expenses management advice lending companies purchases utility payments deb consolidation credit checks great budget ideas credit card help hobbies implement a budget good credit overbearing bills help credit card classify bills mortgage payments job loss management program tax info cable bill unreasonable expectations taking responsibility careful handling credit card company sickness building debts debt relief agency family assistance candidate car loan child support debt comfortable living teaching children finance checking account credit accounts order report Consolidation Company take control of debt monthly payments management tips monthly payment credit card debt bad debt credit bureaus monthly bill debt solution injury interest payday loan debt consolidation cash card credit card companies good budget stop harassment bank less money credit reports checks filing bankruptcy account fees debt programs installment plans gambling problem debt relief credit history short sale learning experience debt settlement pay off debt mortgages loan extra money paycheck info bank accounts professional personal finance buying a house piling debts credit line good debt visualization interest payments introductory offers rebuild good credit account charges good credit record allowance understanding financial education education restrict spending loan companies payment frequency saving money budgeting whole family court appearance rent payments honesty managing debt installment plan credit report household items ongoing bills consumer lawyer debt interest rate fly-by-night past bad debt worksheet asset info saving get out of debt gambling debts debts medical bill budget ideas discounts overspending budget cancer savings charitable organisation chapter 7 prioritizing bills live within means total balance paying out debt debt company debt collector help losing a job extra payments control spending money social services your rights debt consolidation loans loss of income loan amount common debt traps handling money government assistance insurances home equity losing your job house loan credit debt management mistakes common debt good credit rating negotiate doctors payment behavior child spending spending child support credit cards

Copyright 2016 - Free Info Site Enterprises
Privacy Policy  |  Copyright Policy  |  Website Use Policy  |  Non Endorsement Policy  |  Contact Us  

Finance Blogs
best blogs