Wednesday, December 24, 2008

Ideas On Teaching Children All About Money

By Alix Montoya

If you're thinking of great ideas to spend time with your children, why don't you teach them how to better appreciate money. With the crisis going on around us, there is no better time to show our young ones how to become better consumers and so we don't necessarily lose financially when it comes to our everyday purchases.

You can suggest different activities that will help your kid know the value of money. For example, you can tell them to save a portion of their allowance for something big that they might want to buy in the future, like a new video game or a new bike. You have to show them how saving some money today can greatly make a difference in their future. You can even try to convince them to start a college fund already.

Saving up money also lets them buy bigger things. Show your kids that if they save up their allowance, just even once a week, they would be able to buy things like the newest videogame or even something that they have been wanting to have for the longest time. This way they'll get to see the buying power money has and you can teach them how to shop like a smart consumer.

You should also try to teach your kids about keeping a sound budget. This allows them to foresee things in the future that they might need some money for. It's always best to point out at an early age that sometimes there are things in life that we can't predict so it's always good to prepare for anything.

Another great idea is to have them start their own small business. It could be mowing the lawn of the neighborhood, if they're old enough, or it could be something that they enjoy altogether. For example, joining you in Maine state craft shows where they can sell some of the products of their hobbies for a price.

These are just a few ideas that can help you out in teaching your children about how money is a vital part of our lives. However, we must always remember that we are their parents and that whatever we teach our children today will stay with them forever.

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