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kids

Family

Money Rules For Your Kids

All too often, kids end up having to learn from their own mistakes about how to handle money, because nobody formally teaches them how to handle it .  Sure, they can observe their parents’ behavior towards money but it seems to be a rare occurrence for parents to actually sit down with their kids and teach them about proper money management.  As a result, many young adults just starting out on their own end up with overwhelming credit card debt or simply get behind in paying their bills as they haven’t yet learned how to handle the expenses that were once all taken care of by their parents.

In order to prevent your own kids from feeling lost when they first set out on their own, start to teach them when they are young.  According to Jeff D. Opdyke’s article “The 15 Money Rules Kids Should Learn”, there are a lot of things parents can teach their kids at a young age.

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Family

Teach Your Kids About Money

Whether you like it or not, if you are a parent, you are a role model for your kids.  Your kids observe the way you handle your money and will often handle theirs the same way.  However, even if you are financially savvy, your kids won’t necessarily be as successful without some guidance starting at a young age.

Here are some things every kid should learn about money from their parents:

1.  Money doesn’t grow on trees.  Parents have to work hard for every dollar they earn.

2.  Parents have priorities for their money.  It needs to be used first for food, shelter, clothing, and savings, and whatever is left can be used for extras.  Kids have to learn that they cannot always get what they want.

3.  Teach your kids the value of giving.  Encourage them to give part of their allowance to a charity or sponsor a child as a family.

4.   Teach your kids the value of hard work.  Have your children do some small chores around the house in order to earn their allowance, rather than just handing it to them.  

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