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Teaching your Kids How to Spend and Save WiselyBY: Guest | Category: Finance | Post Date: 2010-01-26
It's a no-brainer to teach your kids how to cross the street safely, not to talk to strangers, how to study well, and even as they get older, how to raise their own families. However, a key part of our kids' education tends to be ignored both in structured learning environments like schools and camps, as well as in the informal learning environment of the home. The issue at stake is their financial well-being. Teaching your kids how to spend and save wisely is key to helping them achieve success in their lives. The key issues that should be conveyed are the value of money, the benefits of saving, investing, and making money. The value of money can be conveyed not only through the actual denomination, but the comparisons between what they can purchase if they spend now as opposed to saving up to have more capital. This is a difficult concept for younger kids to learn, especially because it involves delaying gratification. This process is similar to telling your child that he/she can either have a cookie in the afternoon, or he/she can wait until after dinner to have both a cookie and ice cream. Investing can be taught through another game. Because investing does not guarantee a return on your funds, you can simulate this through writing up a bunch of actions on pieces of paper. Have your child help you. Some actions can be simple, such as -You earned two dollars today- or -You lost fifty cents today.- For older children, or to give your children a sense of what actually affects change in value, you can write up simple scenarios such as -People are trying to save their money instead of spending it, your investment doesn't gain or lose value.- Try not to explain the entire concept on the slip of paper, but use it as a launching point to start a conversation with your child. Once you have about seven scenarios written down, pull one out and read it each day for the next week. Follow the action on the slip of paper by giving your child more money or taking it away. Make sure to spend a few minutes discussing what happened and what could have caused it. Also address how it makes the child feel and what he or she could have done (if anything) to avoid the negative actions. If you would rather not use actual money for this game, you can use tickets and have a -store- or prize box in which your child can exchange them for toys. Let your child's imagination help direct your efforts. Setting up the cliched lemonade stand is never a bad idea. To help instill a value for charity in your child, encourage him or her to donate a portion of the proceeds to a local charity. If your daughter likes cats, she can donate some money to the local animal shelter. If your son takes an interest in the news, he can help support the American Red Cross in the aftermath of a natural disaster that he heard about on the news. Overall, keep your kids' interests, learning style, and developmental stage in mind as you help them become money wise. You will be giving them skills that will be useful for the rest of their lives. Article Source: http://www.writearticles.org About Author / Additional Info: Additional Articles: * A Greener Way of Life | Living an environment friendly lifestyle * Avatar vs. Titanic: Two Great Movies of Our Generation * iPhone review summary from experts of top websites * Win Some, Lose Some... in Your Career * Teaching your Kids How to Spend and Save Wisely Does this article violate or infringe on your copyright ? It is a violation of our terms for authors to submit content which they did not write and claim it as their own. If this article infringes on your copyrights, then use our Contact us form with the detailed proof of infringement along with the offending article's title, URL and writer name. If you do not hear back from us then contact us again in another 10 days. Thank you. Comments on this article: (0 comments so far) * Additional comments are now closed for this article *
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