Do your kids know how to manage money?

Thursday, January 24th, 2013 By

Money Management and ChildrenIt is never too late to start teaching your kids money management skills. It is not beneficial for parents to ignore this issue of kids and money. Often this topic is easily ignored, mainly because it is not something most think about regularly. As a parent, I can say that it is sometimes easier to just buy, buy, buy, without explaining why we buy and how we are able to buy the things we want. In many cases, I have even had to get a bad credit payday loan to pay bills because I bought too much. Most kids today are clueless. Are your kids a part of this generation spoiled with entitlements? Have you had to apply for instant payday loans to get by?

Money management – what’s that?

The one aspect of my life today that I wish I could have changed is the fact that as a child, I was never taught anything about money. The only thing I understood about money was there was never enough of it, and I couldn’t have any. Sure, I was taught to have a good strong work ethic, but I was expected to do these things with no incentives ever offered.

One way you can begin this process

To give your child an allowance for doing chores above and beyond regularly expected duties is an excellent way to create the opportunity to teach your kids how to handle money responsibly. If you’re ready and willing to ride this bandwagon into the new century, you must practice consistency with your kids, especially when money is concerned.

It makes sense; who do you think is going to be in charge of your finances when you do finally lose your mind? You better hope you equip your kids with the skills needed for this important responsibility.

The second aspect your kids must learn

You must teach your kids the value of a dollar, better yet the value of what makes the dollar valuable. You can’t expect your kids to grow into responsible, independent adults if you continue to give in and give them whatever they want, whenever they want it. You are, in fact, damaging your kids when you spoil them too much.

Why do parents do this?

Sometimes, because your childhood was not the best, you may never want your kids to go without. Maybe guilt is eating you up because you’re never around. Whatever the reason, it’s not good enough! Parents like that should be reprimanded. We are breeding the attitudes of the next adult generation who are going to be calling the shots one day. Can you imagine a society full of adult kids who whine and cry and pout when they don’t get their way? We might as well start building adult daycare centers because they won’t know how to survive in the real world.

This is not hard to understand

Kids need boundaries when money is concerned, and they need to be told why. So teach your kids about saving money and working to get the things they want. This will show them how to appreciate what they have and give them a sense of accomplishment that cannot be matched by anything you could ever buy them. Your kids may start out kicking and screaming, but they will thank you in the long run, guaranteed.

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