While it is greatly convenient to let the kids have their own credit cards, more and more kids are becoming greatly indiscriminate when it comes to swiping their little plastic cards. The danger is usually very overlooked until it happens, by which time you can find yourself waist deep in credit card debt and your house full of useless junk.
You are definitely in a whole lot of trouble if your kids are like this. So what exactly do you do? Luckily for you, you are their parent and they would do well for few lessons on responsible financial handling from you. So here are a few tips on how to get them started being more responsible in handling cash.
You have to show your kids that money doesn't fall magically from the skies, it is earned. If your kids are little, you can try giving them a couple of responsibilities around the house and then reward them for a job well done. If they're a little bit older, you can ask them to find a job or start their own business, I hear Tennessee craft shows are a great way to do that.
Suggest that they should save some of their money. Tell them all about the benefits of opening up a bank account and how interest increases the money they have there. Or you can tell them to start a college fund right away, by saving a percentage of their earnings or allowance for, say, every week or month.
Let them participate when you're handling the household budget. You can be a great example in showing responsibility when it comes to handling money and allowing them to see you at your budgeting best is probably a great way to lead by example. You can tell them all about the advantages of keeping a budget and how this greatly helps in keeping the household in order.
There are still other useful ideas out there which you can use in order to make money lessons more memorable for your kids. You have to make sure that these lessons are as fun as playtime otherwise, they probably won't show any interest in it.
You are definitely in a whole lot of trouble if your kids are like this. So what exactly do you do? Luckily for you, you are their parent and they would do well for few lessons on responsible financial handling from you. So here are a few tips on how to get them started being more responsible in handling cash.
You have to show your kids that money doesn't fall magically from the skies, it is earned. If your kids are little, you can try giving them a couple of responsibilities around the house and then reward them for a job well done. If they're a little bit older, you can ask them to find a job or start their own business, I hear Tennessee craft shows are a great way to do that.
Suggest that they should save some of their money. Tell them all about the benefits of opening up a bank account and how interest increases the money they have there. Or you can tell them to start a college fund right away, by saving a percentage of their earnings or allowance for, say, every week or month.
Let them participate when you're handling the household budget. You can be a great example in showing responsibility when it comes to handling money and allowing them to see you at your budgeting best is probably a great way to lead by example. You can tell them all about the advantages of keeping a budget and how this greatly helps in keeping the household in order.
There are still other useful ideas out there which you can use in order to make money lessons more memorable for your kids. You have to make sure that these lessons are as fun as playtime otherwise, they probably won't show any interest in it.
About the Author:
Alix Montoya has been writing about Tennessee craft fairs for a long time. You can find out the latest news on craft fairs in TN and join in on the crafting fun.
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