by Bo, April 19, 2012
With so many people struggling in our economy today we have to wonder if our parents taught us enough about the best way to be financially fit. When you are making a lot of money, it is easy to spend it too, knowing that you can always get a new job or a second job to load up the savings accounts. Today everything is so different and learning how to be frugal and save properly is a challenge for many. We need to make a difference for our kids and show them how to be financially fit too.
Back in the day parents rarely showed the kids about money. Dad and mom made it, aid the bills and you earned an allowance. Here are a few things you can do to teach your children finance in simple terms.
* Let them know that you are saving money. Explain the reason for savings and share how much (a percentage) you put into savings and this is why they cannot have that new toy or a trip to the fast food place. Explain to them what the savings will be used for.
* Let them help you with coupon clipping and explain why you use coupons and how they work in your favors. Let them help find the products at the store. For older kids, show your kids how the shelf labels work and how to know what container is a better deal. Let the see you reading the grocery inserts and show them how to make lists of where the saving are.
* Track your savings through the week and show them how you transfer the money that you saved into your saving account and let them watch it grow with you. Make a game for them that they more they can help you save, the faster the savings add up. The prize can be a dinner out or a day a the beach or something they would like.
* If you bank online show them how it works and how you track your money. They don’t need to know everything about what you make, but you can show them the basics of money management and budgeting.
* Encourage them to have their own savings account and show them how fast it can grow by saving a certain amount each week or month, depending on their allowance, etc.
Take some time out with your children and show them how they can help the family too. Each age is different for learning so make it fun but continue to share as much as you can with them so they can grow up to be financially fit with saving as second nature.