Monday, August 08, 2011

Teaching Your Kids about Financial Responsibility

Parents often find themselves in a dilemma when it comes to teaching their kids about financial responsibility. Is there really the right age on when to introduce the concept of money, spending and saving? Where do you start? These and other questions often linger on a parent’s mind.

Kids of today are smart and you don’t need to baby talk them but rather treat them as young adults. While teaching about financial responsibility seems like a hard task, it could actually be fun and easy if you use some tricks. First thing that you have to remember is that you are dealing with kids and what you need are simple, basic concepts that they could easily understand.

At a young age, teach your kids about the value of saving money. One way to do it is by giving them a weekly allowance. As much as possible, avoid buying everything for your children. If they got their sight on a small toy, let them know that they can buy it if they save enough money. Limit their purchases and explain to them why they could have one item bought at the candy store or toy store.

Make the learning interesting by teaching them how to pay for their own purchases. Line up at the register and let them hand out their money to the cashier. These small things could teach them about the value of money in a fun and easy way.

Amy is a freelance content writer is also fond of traveling and outdoor adventures. She enjoys working for gulvafslibning projects and sees this as an opportunity to share information about floor sanding.