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| Written by Rachel Ray | |
| Thursday, 31 July 2008 12:23 | |
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It's typical nowadays that many teens do not understand the true value of money, both the spending and earning side of things. The thought many times doesn't even cross the mind about investing, even if they are a student. As a parent, you have much influence in this role.
It's typical nowadays that many teens do not understand the true value of money, both the spending and earning side of things. The thought many times doesn't even cross the mind about investing, even if they are a student. As a parent, you have much influence in this role. It's important to endeavor to teach your kids how to save a portion of their earnings. This helps them understand the concept of investment and money early in their childhood. This will help prepare them to have good money management skills as they grow old. Here are some tips on how you can teach your children how to save money: 1. Teach your children the value of money. Start young if possible, as soon as they are able to count. This is a great place to start to teach them the real meaning of money. Be consistent and look for natural teaching moments in simple ways. Do it often so they can remember what they learned. 2. Explain the value of saving money and why it's important. Help them understand how it will affect their life. Try to entertain questions from them about finances and you should be able to respond to them right away. 3. When giving them their allowances. You need to give them their allowances in denominations. Then you can encourage them that they should keep a certain bill for the future. You can motivate them to do this by telling them that the money can be saved and they can buy a new pair of shoes or the toys they want once they are able to save. 4. Teach them the lesson of working. Pay them (or find someone willing), to small odd jobs or chores around the house. This will help them with the concept that money needs to be earned, and not just simply given, just because. They will also learn to value it more when it's something they had to work for. 5. You can teach them to save money by giving them piggy banks where they can put coins and wait until they get full. You can also open bank accounts for them and let them deposit money from their allowance. You should always show them how much they have earned to keep them motivated. Money and saving is not something that is learned by children in one sitting. You should be patient in teaching them and relating the value of money in all of their activities. Children will learn this easily if you are patient and consistent in guiding them and encouraging them in this endeavor. Guest Author By Rachel Ray - Visit her site for a many of suggestions aimed to assist a family budget also lots of parenting advice as well. Grab a cup of joe, relax and look around. |
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| Last Updated ( Thursday, 21 August 2008 07:10 ) |