How do you teach your kids to save instead of spending their money as they get it? And how do you discourage your family members from spending everything they earn? I hear that a lot from parents and they’re great questions.
Teaching kids how to save up for big purchases while they’re young will prepare them for larger financial decisions they’ll have to make down the road. It teaches them to set goals and work to earn their money.
It’ll also help them to make saving and only purchasing when they have enough money to do so a habit. After all, it’s much better to do that instead of hopping on the Instant Gratitude Express at the Debt Station!
Here are a few ways you can teach your kids to save money instead of spending everything they earn.
It’s never too early to talk to your kids about money and saving for bigger things rather than spending money as they get it. Yes, these items will grow as your kids do, but the idea...
Summer 2020 will go down in the books as one of the oddest times since my kids can’t do the summer activities they usually do. I’m getting refunds for my kids’ camp programs that I signed them up for. It breaks my heart because these things they enjoy and that enrich their lives have been canceled. And, selfishly, I want to stop making all these meals every day!
Instead of wallowing in my 11,000th grilled cheese, I’ve decided to invest that camp money back into my family’s summer activities. Since we’ve already budgeted that money for the kids, I’m going to spend it on them. They can still have a fun summer, even if it’s at home.
Although my husband and I did budget for this expense, we don’t want to go over that set amount. There’s a good chance it could happen as we have a long summer to fill! As I’m considering how to keep the kids busy and happy at home, I came up with four financially-friendly ideas to entertain...
Teaching kids about anything (and especially money) is always easier when you make it fun for them to understand, so that’s why I love games! Using games to talk to your kids about money can be rewarding because you have an example right in front of you to base your conversation on.
I don’t know about your kids, but hands-on experiences are always preferred to hypothetical discussions in my house! (And, let’s be honest, they don't want to hear a lecture about money and quite frankly, I'm guessing you don't want to give it.)
Talking to your kids about money can be a confusing conversation to have, especially if you don’t even want to have that conversation in the first place. So, why not incorporate it in your family nights so it's not a drag?!
On Sundays, we usually have dinner at my mom's, which is often followed by an evening of board games and other family fun. Here are some of our favorites that teach some great lessons on financial literacy.
Have you considered what lessons you want your children to learn about money? As a financial advisor who works with people on some deeply ingrained money issues, I have thought A LOT about what I want my kids to learn about money. The thing is, if you don't think about it in advance, you could miss some great teachable moments.
My kids are all getting to the age where they are having a better understanding of money. Even at such a young age, they all seem to have a unique relationship with money. If I could share one ounce of wisdom with them, it's that they are in control of their own financial situation. It's interesting, though. My youngest, who is seven, seems to have the clearest concept of money. My daughter, who is ten, spends money the instant she gets it. I don't think she cares what she spends it on. She just loves to spend money.
My oldest, who is 12, is just starting to get the picture. I will say that his experience with Boy...
By Kelly Greene
It starts with the tooth fairy, right, moms? Your child loses that first tooth and you’re both so excited! The tooth fairy will be visiting! As your child is asleep you stress over how much the tooth fairy is paying these days for a tooth. Your friend maybe gave their kid a dollar or a quarter but what about that one mom who gave her kid a $20 bill?!? And so it begins…
Now flash forward a few years and your kids are older, they want money for things plus they live in your house and make their kid messes so they have chores. So, should you give an allowance? Should you pay them for doing chores? If you google this you will find so many varying opinions and methods, leaving you even more confused. Here are a few ideas:
1. Give them a weekly allowance along with a list of chores. The amount of this can be their age or an amount you feel comfortable with. Also, if you have more than one child the chore list may rotate. If you choose the amount to match...
We all grew up with various ideas about money instilled in us by our parents, some good and some not so good. How do we, as parents, model healthy financial behaviors for our children?
I know how tempting it is to buy your child every single toy or book they want, especially around birthdays and holidays whether it's to avoid a tantrum or just because they’re so darn cute, buying your children anything and everything they want doesn’t teach them the value of money.
It can be very tempting to spend birthday and holiday money on one trip to Target, only for your child to be bored with their purchase a week later. Motivate your child to set a goal and save up for it. One of my sons is currently saving for a Nintendo Switch. It's a lofty goal for him, but I know he’ll feel a sense of accomplishment.
I recently took two of my kids to open up an account...