Friday, November 18, 2011

Parenting: Tips On Teaching Your Kids About Money


Being parents is nonetheless a huge responsibility that can be challenging, especially for new parents. It is not easy to raise a child to become a good person, cultured and educated. There will be times when you feel confident enough and do not know to raise a child, but this is only temporary. Children are a blessing not only bring people together, but as adults who are called as parents to be much stronger and tolerant people.

One aspect of parenting that can be a real challenge is to teach your kids about money. As parents, we have our own problems when it comes to money, but does not stop teaching their children how to use the money to the optimal level through spending and saving. Of course, in law, who should have known more than they did with the money that so far, and by hook or by crook, you have to play the role of parents in shaping the behavior of their children about money and finance.



How and when to start teaching your children the money?

You can start immediately when the children learned to count and most are able to recognize the value of every penny and the dollar. When they are at this moment, are willing to be taught how to organize their own money and embarking on their initial financial strategy, and of course with your guidance.

Children as young as three years, is able to recognize the money in coins, and learn to count, although they can not have a clear idea of ​​what the monetary value can be. In this as young children are also able to understand that there is apparently money can be exchanged with objects and food. At the age of 7 years to 9 years of school, most children have already been introduced to spend money. They will receive a small amount of money for them to use at school or outside. The main intention is to allow your children to try to make its own budget, spend and save. The experts also agreed that spending money must be closely linked to tasks. It's like a kind way to make your children understand that money does not come easily, and why it is necessary to save some - for future use.

Do not rely on any task. For example, if your child gives about $ 5 a week - to be in a fixed amount. If you wanted more, they must win by a multitude of possible ways, such as performing certain tasks, be good and behave, study and do well in school and so on. However, do not exercise too much tend to the system. Only the amount that is appropriate for children their age.

At the age of 10-12, you can begin to take the child to the bank to open a bank account or make a deposit of money they have saved so far. Let me fill in the form of a deposit and sometimes remind yourself and get them to understand what they are when they are saving money and banked in some cases, the financial institution to make gifts to junior account that you can use to attract them to save more.

At the age of 13 to 15 years, you can begin to expose the funds and stocks. Maybe you can explain why it is better than the deposit to the savings account and more. There are also several funds, insurance could be beneficial for children and adolescents are similar to the public today.

As we age, can become more involved in family finances by including them in the scale of the food budget for a certain amount of money - neither more nor less. Also, remember to remind them that what is needed has to come first, and then just play. Do not think that it is important to try to explain why negotiated this luxury car in a more convenient and cheaper. When children get the most affecting family of financiers, who are able to teach them the sense of having a family, a little more about finances and how things should work.

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