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It's no secret that having children can be one of the most exciting, daring, enjoyable and frustrating things any adult will ever do. It's also a pretty well known fact that kids are very, very expensive. With the cost of diapers, health care, child care, summer camp, football, dance class, clothes, food and college (just to name a few), your standard of living will change. Below are a few tips to help you teach your kids to manage money.
Teach Them About Money
The earlier your children learn about the importance of money, the more the both of you will be financially rewarded. It is hard for kids to understand that money really doesn't grow on trees. This is one lesson that must be instilled in children as early as possible. You can play or create games that teach them basic money concepts as well as reward their hard work for cutting the grass, raking the lawn or doing well in school.
Child See, Child Do
It's amazing how quickly children absorb everything that happens around them. If your child sees that you spend money like it's going out of style, the chances of them doing the same is highly likely. You are probably already aware that they mimic much of what you do. You should become increasingly aware of how to manage money when they are around.
Give a Little, Help a Lot
As your child grows older and blossoms into adulthood you must understand that $5 a week for allowance probably isn't going to cut it. The yard work they do when they're sixteen is worth a lot more than what they were capable of at thirteen and you should pay them accordingly. Kids are not immune from the effects of inflation. The perfect time to teach them about budgeting is when they land their first summer job. You can encourage them to contribute 50% of their pay check to a college fund by matching their contribution. You could also throw in incentives such as an extra dollar for each mark above 80% or 90%.
Every situation is different but the more you teach your children about how to manage money the more likely they are to succeed with their own financial future.
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Brandon Schmid is the President of Angulus Marketing and owner of HowtoManageMoneyTips.com.
For more great information on investing for the future, look through my blog to receive the free E-Book, free budget spreadsheet, free calculators and links to various tools. We also have a few leaked videos to help with your finances.
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