Explaining to our children how we
spend;our;money;and;where;it;all;goes
could;be;a;daunting;task,;depending;on
how detailed you would want to be, so
these;discussions;should;be;age-appro-priate. The older the children get, the
more they should be aware of how the
money that is earned is distributed.
Again, paying bills through online
banking is great, but to a child it is al-most;like;you;can;type;in;any;number
you want and the bill will be paid. It
can;be;helpful;to;use;play;money;and
physically;count;out;what;is;earned;and
what is owed, if you want to get more in
depth;with;the;concept;of;earning;and
spending,;so;that;children;can;see;what
the family has to work with each week
or;month.;That;will;give;them;exposure
to;reality,;as;opposed;to;simply;seeing
some numbers on a screen.
Showing our children how we save
money can be done in a variety of ways;
some;are;so;simple;that;we;may;not;even
think about them. Every time we make
a decision not to buy something, we are
saving.;When;we;cut;out;coupons;and
look for the best deals at the grocery
store, we are saving. When we tell our
children they cannot have that toy at the
checkout, we are saving.
Hopefully,;your;family;can;designate;a
portion;of;your;income;to;be;deposited
in a savings account. Take the kids with
you;when;you;make;a;deposit,;and;let
them;see;how;the;money;adds;up;with
interest.
As children mature, they can be taught
lessons that mirror what your family is
doing in the area of finance management. Whether you give your child an
allowance or allow him to earn money
for;doing;tasks;around;the;house,;pro-viding him with a small income is a
great way to start your child down the
road to financial independence. Have
the;child;keep;a;journal;that;shows;in-come received and money spent. In a
separate;container,;he;can;set;aside;any
money that will be donated to church or
a charity, thus demonstrating that those
funds are already designated.
What;if;your;family;is;experiencing;a
rather challenging time when it comes to
being;able;to;pay;the;bills;each;month?
How much should children be made
aware;of;a;stressful;financial;situation?
It;really;depends;on;the;age;and;matu-rity;level;of;each;child.;You;don’t;want;to
worry the younger kids, but you can still
share;with;them;that;perhaps;you;need
to;cut;back;on;some;extras;or;you;won’t
be able to eat out this month. Showing
your children that you use your resources
wisely and carefully lays the foundation
for wise future money habits.
The next time you go into town to run er-
rands,;think;about;all;of;the;stops;you;need
to;make,;and;after;each;stop,;ask;your;kids
how;you;made;a;financial;choice,;whether
it;was;big;or;small.;Here;are;a;few;examples:
•;You;take;your;children;to;the;library
for Story Time. Making the decision
to;put;money;in;the;parking;meter;is
the;smart;decision—instead;of;taking
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