Nifty vs. Thrifty

Sunday, June 27, 2010

Money Matters for Children

There are a lot of kids today who don't understand the value of a dollar and yet it is so important to be able to be successful in our society! If we show our children a healthy way of handing money, it will give them some great tools to handle their finances in the future.

1. Show your kids that work can be fun. Although we all look forward to Fridays, work is a good thing and something we need to feel productive and important. Studies show that people who are depressed are often unempolyed. Even if you are unemployed, volunteer to show kids that helping is a good thing (plus you never know what networking opportunity can come out of it!)
*Focus on how good it feels to work and be productive and focus less on the money factor (although it's great to get a reward!)

2. Set a good example. Work hard yourself and take pride in what you do (whatever it is you do!) Children watch what we do much more often then listen to what we say! Work hard and they will want to work hard too!

3. Don't give your kids money or things without them earning it. It is so hard to tell your children "no" but it is even harder to watch them be ungrateful and unappreciative of the things around them. Becareful saying, "No, you can't have it because I don't have the money." This is just an excuse and sends a message that you would give them anything they wanted it you DID have the money. Whether your child is 3 or 23, telling them no and setting healthy boundaries is something you will be glad you did later in life!

4. Start young. Although it is never too late to start good habits, starting young is a great way to begin a healthy financial attitude for life. Teaching young children to work and earn things will begin their understanding of how the world works. Be consistant and think about what you say before you say it. If you can't follow through with your promises, than your word will not mean anything. Think ahead and make working for things fun!

Looking for some more ideas? I love Suze Orman! She has some great ideas about how to handle money! Here is an article about teaching children good money habits! Check it out!

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