Search Results for: allowances amp teaching kids about money

Kids and Money – What and When

One of the most valuable things that a parent can do is teach their children about money. If children are raised to understand how money works, they are likely to grow into financially aware adults who are able to make good financial decisions for themselves and their families. Of course, the big question is when to begin teaching them and what to teach them at each age and stage of their development. The earliest form of financial education for children happens without you even necessarily realizing that you are doing it. Children are very observant, and they see and hear … Continue reading →

Money Training Begins at Home

I have actually met many parents who are resistant to really teaching their kids about money. Why is that? Some don’t give allowances because they then lose control over what their kids get to buy. Okay, but… how can your kids learn?? Putting your head in the sand about money won’t help your problems or teach your kids. Children need to learn good money management from their parents. Some basic financial concepts taught as early as the preschool years are short-term vs. long-term goals, delayed gratification, value of money and the power of saving. While these sound complicated; they are … Continue reading →

Should We Force Our Kids to Save?

To be completely honest, I am struggling with the question of whether I should be forcing my kids to save or not. As it happens so often in parenting, the issue of natural consequences vs. discipline is debated. In most cases I usually find some sort of middle ground between telling my kids what to do and letting them find out the “hard” way. But what is the middle ground in learning to save? I know some parents who require their children to save a portion of their allowance, gift money, or earnings either in a true bank savings account … Continue reading →

Kids and Their Money

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While flying to Tampa, Florida for a quick Spring Training Baseball and beach getaway last month, I found myself mindlessly flipping through the Skymall catalog in the seat-back pocket in front of me. If you have never seen this in-flight catalog, it is kind of like a regular mall on the pages of a magazine you read in the sky (hence the name). The color pages are filled with hundreds of products, from dog beds to language course programs, elaborate outdoor water fountains to an escape ladder for use during a house fire (which I always joke about buying, even … Continue reading →

Teaching Your Kids To Be Fiscally Fit

When Tyler announced recently that “we’re not poor”, I realized that perhaps it was time to start teaching him the value of money. At first I couldn’t understand why he would say such a thing, then I realized that in his mind we’re not poor. He also mentioned that “poor people don’t have money”. Because he basically gets what he wants he assumes we have money. No attempts to persuade him otherwise has worked so, actions speak louder than words, as they say. So for 2007 I’ve made a resolution to teach Tyler that although we’re not as poor as … Continue reading →

Pretend credit cards – Bank of Mom and Dad

Credit card offers flood our mail boxes year round, yet the volume seems especially heavy around the holidays when banks know that many of us are hastily purchasing goodies for friends and family. The flow of these offers does not let up in the New Year either, as balance transfer and deferred payment offers seems as attractive as the diamond necklace you received on the 25th. Instead of discarding these offers straightaway, give the envelope a good once-over, feeling for something rectangular and a bit hard. A good plenty of the envelopes that arrive in the Post come with fun … Continue reading →

Allowance Strategies for Families

When it comes to kids and allowances, there are two main schools of thought. The first says that kids should be given money simply as a learning tool with no chores or responsibilities tied to it. And any jobs the kids do around the house should be done free of charge. After all, no one pays you to do the laundry do they? The second school of thought is that any money kids are give should be payment for chores that they do. After all, no one gives you money for doing nothing, right? As someone who thinks (and blogs) … Continue reading →