Difference between revisions of "Teach Kids About Money"
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| − | + | As kids grow, they tend to become more thoughtful about money, and it's a process to teach them how to [[Save Money|save more]], [[Haggle|shop wisely]] and earn money through small jobs. The current economic troubles provide a fitting time to school our kids on personal finance, according to Eric Tyson, author of ''Personal Finance for Dummies''. If you're feeling guilty because you can't buy your child that video game system he desperately wants for Christmas, or you're asking him to choose between playing recreation basketball or [[Choose a Martial Arts School|taking karate lessons]] this winter, Eric Tyson has one word for you. Don't. In fact, he says, now is the perfect time to teach your kids some valuable financial lessons and learn that [[Budget Your Money|budgeting]] is how the world really works. | |
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== Steps == | == Steps == | ||
#Expose your kids to the realities. "Kids are surprisingly aware of what's going on in the world," says Tyson. "And if they don't know that times are a little bit tough and Mom & Dad are having to watch their spending, it's time to tell them. Sheltering kids from financial realities does them no favors." A good grasp of [[Manage Your Finances|personal finance]] is one of the most valuable life skills a person can have. And while previous generations may have been raised with the constant admonishment that "money doesn't grow on trees!" too many of today's parents neglect that lesson. It's time to change that—and the economic crisis we're in now provides a great incentive for doing so. | #Expose your kids to the realities. "Kids are surprisingly aware of what's going on in the world," says Tyson. "And if they don't know that times are a little bit tough and Mom & Dad are having to watch their spending, it's time to tell them. Sheltering kids from financial realities does them no favors." A good grasp of [[Manage Your Finances|personal finance]] is one of the most valuable life skills a person can have. And while previous generations may have been raised with the constant admonishment that "money doesn't grow on trees!" too many of today's parents neglect that lesson. It's time to change that—and the economic crisis we're in now provides a great incentive for doing so. | ||
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#Encourage older kids to [[Get a Job|get a job]]. An allowance doesn't have to be the only way for your kids to earn money. Your child's initial exposure to the work-for-pay world can start with something as simple as a [[Compete with Other Lemonade Stands|lemonade stand]]. Depending on age, he or she might do yard work for neighbors or offer babysitting services. And the fact that we're in a recession makes it all the more appropriate for older kids to "help out" by getting a part-time job—especially to fund unnecessary purchases like DVDs or cool clothing. | #Encourage older kids to [[Get a Job|get a job]]. An allowance doesn't have to be the only way for your kids to earn money. Your child's initial exposure to the work-for-pay world can start with something as simple as a [[Compete with Other Lemonade Stands|lemonade stand]]. Depending on age, he or she might do yard work for neighbors or offer babysitting services. And the fact that we're in a recession makes it all the more appropriate for older kids to "help out" by getting a part-time job—especially to fund unnecessary purchases like DVDs or cool clothing. | ||
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== Tips == | == Tips == | ||
