We're all very much aware of the global financial crisis going on and its effects on us and our families. Retailers are reporting a record low for sales this year because everybody is trying to keep up with the times. It's not a very good idea, therefore to let loose our teenagers out on the mall with their credit cards as this could be disastrous to your family's finances.
Parents have the number one responsibility of teaching their children all about spending wisely. However, not a lot of parents out there dare to stand up or even completely forget all these completely. Some would even claim they don't know how. So if you're stuck clueless on money matter lessons, then here are a few useful tips to get your lessons started.
Teach them that money is the product of hard work and must not be taken for granted. If you have older kids, try and convince them to work or start their business in Rhode Island craft shows. If your kids are a little younger, try giving them simple household responsibilities and then reward them for a job well done. Believe it or not, children tend to value money the worked hard for more than money they receive for doing nothing.
Tell them to save up. Try and convince them that saving a portion of their allowance or their earnings isn't a bad idea and definitely not a sign of deprivation. Sit down with them and talk about opening up a bank account. Most banks even have special savings programs for kids and teenagers. It's a great idea to have savings account and to teach our kids how to save, even at an early age.
Budget. Budget. Budget. There really is no underestimating the value of a great plan and a budget is just what your kids need to put all their spending in perspective. You can teach them how to do it, or join them in doing it by doing your household budget together with them. It's not the best family bonding idea, but you'll never know, right?
There are a lot of great ideas out there on how to make our kids more involved when it comes to saving the family from financial struggles. All we have to do, as parents, is show them the way and guide them with every step they take towards a more responsible future.
Parents have the number one responsibility of teaching their children all about spending wisely. However, not a lot of parents out there dare to stand up or even completely forget all these completely. Some would even claim they don't know how. So if you're stuck clueless on money matter lessons, then here are a few useful tips to get your lessons started.
Teach them that money is the product of hard work and must not be taken for granted. If you have older kids, try and convince them to work or start their business in Rhode Island craft shows. If your kids are a little younger, try giving them simple household responsibilities and then reward them for a job well done. Believe it or not, children tend to value money the worked hard for more than money they receive for doing nothing.
Tell them to save up. Try and convince them that saving a portion of their allowance or their earnings isn't a bad idea and definitely not a sign of deprivation. Sit down with them and talk about opening up a bank account. Most banks even have special savings programs for kids and teenagers. It's a great idea to have savings account and to teach our kids how to save, even at an early age.
Budget. Budget. Budget. There really is no underestimating the value of a great plan and a budget is just what your kids need to put all their spending in perspective. You can teach them how to do it, or join them in doing it by doing your household budget together with them. It's not the best family bonding idea, but you'll never know, right?
There are a lot of great ideas out there on how to make our kids more involved when it comes to saving the family from financial struggles. All we have to do, as parents, is show them the way and guide them with every step they take towards a more responsible future.
About the Author:
Alix Montoya has been writing about craft shows in Rhode Island for a long time. You can find out the latest news on craft fairs in RI and join in on the crafting fun.
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