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Teaching Your Kids the Value of Money

submitted on March 18, 2011 by pablos17 in "Member's Lounge"
It doesn't hurt to start off early with your children when it comes to learning how to value the mighty dollar. I know I would do anything to ensure that my kids have the best possible life experiences and, hopefully, not ever have to be stressed about finances in their lifetimes. My oldest son (23 mos.) already has his own piggy bank. And gets a kick out of saving money in it (without ever wanting to take the money out).

There are a number of ways you can teach your children to form healthy savings habits. This article offers some age-specific teaching tools.

1. Teach Your Children the Value of Money
2. Earlier Is Better
3. Where Does Money Come From?
4. Children and Allowances
5. Make Saving Interesting
6. Banking and Investing
7. Compounding
8. A Little Learning Can Pay Off

Read more:
http://finance.yahoo.com/how-t.....hpbmd5b3Vy
     

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  Comments
  • 107746
    orangearrows
    professor
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    Posted by orangearrows on March 18, 2011
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    When they are young and go out shopping for school supplies - ask them to pick up the items based on the prices and how much money they are allotted. It will help them budget.
      107754
    • pablos17
      deity
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      Posted by pablos17 on March 18, 2011 [reply] 0 0
      Very good idea.
  • 107773
    CouponNut
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    Posted by CouponNut on March 18, 2011
    [reply] 1 0
    Christmas Clubs from Credit Unions are especially nice for children and the kids always like getting a tootsie roll or lollipop from the tellers there.
      108396
    • CouponNut
      deity
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      Posted by CouponNut on March 23, 2011
      [reply] 1 0
      The credit unions are bank friendly for opening children's saving accounts.
  • 107780
    orangearrows
    professor
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    7 1 1
    Posted by orangearrows on March 18, 2011
    [reply] 2 0
    Also - remind the kids. Allowances are earned and not given.

    One thing not mentioned on the list is giving to charity. giving is a very important part of learning the value for money. Only when they give would they learn - how much more value it translates to for another person/being.
      107945
    • CouponNut
      deity
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      Posted by CouponNut on March 20, 2011
      [reply] 1 0
      Allowances are getting bigger these days. I remember my parents would not allow me to work at the dime store because school was more important, so I received $3 a week allowance to pay for gas & McDonalds hamburger, fries & shake and still had money left!
    • 107985
    • YanBz
      admin
      Posted by YanBz on March 20, 2011
      [reply] 1 0
      How old were you when you had your first allowance?

      I offered my kids allowance when they turned 7 y.o. but I try to keep it modest and they have chores that they have to do no matter what.

      What is the right starting age & amount in your opinion?
    • 107986
    • CouponNut
      deity
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      Posted by CouponNut on March 20, 2011
      [reply] 1 0
      I was around 7 when I got my first allowance at a quarter a week because I use to dust the furniture. As I got older and more duties evolved, like dishwashing, ironing and using the vacuum cleaner, eventually worked my way to $3 a week. How about you?

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