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Monday, August 11, 2008

Money Money Money

Teaching your children about money is one of the important tasks that you, as a parent, should carefully consider. Many children grow up without realizing the true life cycle of money. When a child is old enough to understand, you need to begin training them about where money comes from and where money goes within a household. No child should enter into adulthood without fully understanding the financial requirements and financial management techniques that are necessary for being successful in maintaining independence.

The Thrifty Mommy has laid out a plan for providing your child with a proper financial education without overburdening them with worry and concern for the family's welfare.

Thrifty Mommy gives 10 suggestions for financial education that are well worth your attention. I do want to add a few touches to her already wonderful suggestions.

1) Children should also be involved with creating a weekly menu and a shopping list to take with them to the grocery store when they are old enough to do so.

2) Introduce your child to yard sales, consignment sales, and thrift stores. Teach them how reusing things can also be Earth friendly, as well as finance friendly.

3) I whole heartedly agree that allowance should not be tied to chores. My personal experience has shown that if you find yourself to be in financial difficulties that prevent you from paying allowance, your children will decide that they no longer need to do chores because they are not getting paid for it. Yeah - avoid that connection in order to save yourself a lot of frustration later.

I love all the comments that Thrifty Mom has in her posting about money. She has a good grasp of what kids need to know in order to understand what it takes to manage a household.


The Mind of a Mom said...

There are two things that I taught my kids,
1. YOU need to save. When my son started working I would take 1/2 his pay cheque and put it away just as if he had to pay rent etc... So when he turned 18 he had a great savings account.
2. Everything has a reasonable value, so if I think $60.00 is reasonable for shoes and you want the $90.00 shoes you need to make-up the difference.

Both of my kids get it, my son to this day will take an amount out of his cheque to be put in his savings account and my daughter knows that if you shop at Campus Crew they have the same cloths as American Eagle the only difference is the logo and you pay 1/2 the price at CC that you do a AE so you can get twice as many things.