These days all grown-ups go through our daily routines of paying our bills, putting s shelf over their family and putting food on the table. Parents want the best for their children and want to ensure when their kids grow up they will have a brighter financial future than what they had.

One way of teaching children about money is your very own home with the finances you have to juggle. Have monthly meetings with your kids. Show them what these meetings are about.

It all starts with the money that the parents earn first. Explain this to your kids that money doesn’t just grow on trees. Tell them that you get paid consistently over a week or month.

The income is then used to pay for different bills and necessities. Show your children what the money you receive is used for.

For example you could use a simple list like the following:

1. Mortgage = $500 2. Electricity = $200 3. Clothes = $300 4. Entertainment = $50 5. Birthday presents = $200 6. Cell phone bill = $40

From the list above, show what each bill/item is going to amount to. You could simply then add this up and then subtract this amount from your income and it would then equal to how much is left offer for savings.

Explain to your children what these savings will do. For example, it could be use to pay off the mortgage quicker, used to replace a household appliance that is breaking down, or saving for an end of the year family holiday.

If you explain it to them in this way, they will start to understand the value of money and will be more cautious on what they spend their allowance on.

When your kids grow older, start giving them more responsibility over finances in the family. Ask them what the family could do to save more money, it could be going out to less entertainment outings such as the movie cinemas for example.

If you do this consistently, your children will start reaping the benefits of this continual education later on in their adult lives.

Giving your child an allowance with help them learn how to be financially responsible. Make a positive contribution to your son or daughter’s future now. Money Matters For Kids Teaching kids to save money is challenging and enjoyable for your child.

Tags: budgeting money, children, family, finance, home, Investing, kids, kids and money, kids and teens, lifesytle, Make Money, Making Money, Money, Parenting, saving

This entry was posted on November 14, 2010 at 8:26 am. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Posted in Make Money by Manuel Jensen No Comments Yet