Let’s face it, when the economy is in a period of negative growth, it’s mom who usually decides what the family can do without. It’s a fact, moms are still who check the checkbook balance and manage the household budget at the same time to make adjustments to household expenses for food, clothes, school, toys, and so on.
Sure, the economic crisis is bad for our pockets, but, for those have kids, the positive side is that this is an great way to teach them about the value of money. Thus, I’ve put a great reminder of the things you can do to help your kids to know more about finances.
1. One of the best moments to introduce the concept of the value of money is when your kids have 5 years olds. At this age, childrens almost all have already learned to read. Then, is the better time to teach them how to saving money.
2. At a certain age, kids understand the value of money, for instance, when you’re at supermarket ask them, what they really want, in order you only pay things they needs.
3. Persuade your child to start her own business. Having kids earn their way early is a great lesson in life. There are jobs for kids under the age of 14, like newspaper delivery. Also, families can always looking for baby-sitters, or senior citizens can look for someone that help them with yard work, housework, or car washing chores. Kids likes earn money and saving it for their own needs.
4. Around 15 years old it’s time to open a checking account and saving account. Remind them to put money half in saving and half in checking and that they paying a monthly maintenance fee if their account runs day. I open a savings account in my name from the time I was about 15. It had something like $50 in it. I’ve completely forgot that it existed, and I never ever went to the bank to check on it.
5. At 18, now that they are adults and they were done with school, let them find their own way.
