You are their most influential teacher of your Children.&ldquoGimme! Gimme!" says
little Madison for a new toy. &ldquoOh, no, not again!" says Mom. (This can be
sooooooo frustrating!)
Kids want it NOW! Are YOU teaching them about instant gratification OR to use
money wisely? You are their most influential teacher. If you teach Madison
about being responsible with money at an early age, she will grow up &ldquojust
knowing" how to use her income wisely&hellipshe will already be a Prosperity
Thinker OR you can just send her out into the world and let the wolves take
advantage of her. It is you job to teach your children to handle matters for
themselves. Someday they might be taking care of you!
Young Children
Here&rsquos an idea we use in our program to teach young children about money,
starting at age 3. This is a 3 Step Process that helps kids begin to understand
the concept of obtaining money from working, doing chores (not getting free
allowances), then how to spend it, by using three envelopes labeled:
- Giving &ndash teaches about sharing and
that &ldquogiving is receiving" because we feel good doing it!
- Savings &ndash teaches about patience and
using cash instead of credit.
- Spending &ndash teaches a child how to plan
their money, make wise choices, have priorities, and be financially
responsible.
At this age, we recommend
that parents don&rsquot lend their children money&hellipgives it to them or have them save
for what they want. Did you know&hellipthe fastest growing groups of bankruptcy
filers are people under 25 years old? Don&rsquot let your child become a statistic.
Teenage Children
Got teenagers? Then it is time to up the stakes and take it to the next level.
1. Earning &ndash jobs need
to be done around the house and other jobs are extra tasks that can help them
earn money. Room and board first, then they start earning.
2. Saving &ndash you must
start the foundation of setting back money in savings to build security and
independence. Cash is king and always will be.
3. Spending &ndash giving
greater freedom in choices while still in the safety of the home will help
teenagers make mistakes that they can recover from. Not all decisions are good
or bad, but they all have a price. And now is the time to learn.
4. Planning- by this
time a teenager can start planning in advance for larger items that require
more than one pay cycle of earnings. Without wiping out their savings.
5. Barging hunting- the
best way to make money is to save money on the things you need. Shopping around
or buying used and using coupons teaches a child to get the most out of their
hard earned money.
6. Lending &ndash Now might
be the time to let you child take out a loan with you to make a major purchase.
Set up a payment plan and stick to it. Their must be a penalty for not paying
on time and a cost for borrowing the money. Also point out several months later
where that major purchase wound up, either being used or in the trash to teach
about the downside to impulse buying.
Money and Fun Learning
Have some fun when you go to a restaurant determine the total cost of a meal
then have your child &ldquobudget" for their entrée, drink and dessert. Give
them the cash. Whatever they don&rsquot spend (i.e. drinking water instead of pop)
they get to keep. And they do have to eat healthy!
401 (k) Match for children
Show you kids the power of saving money with some sort of matching funds game .
If they save over $100.00 in two months you will put in up to $100.00 as a
bonus. This empowers children to learn the value of money making money and
supports a wise savings plan.
I invite you today to change your mind, change your finances, and then change
your life and the lives of your children to live MORE financially free with
chronic peace of mind.
About Christian
Credit One, Inc.
Christian
Credit One, Inc. is a national,
non-profit Christian Credit
Counseling organization dedicated to helping consumers achieve
financial wellness through Christian credit
counseling and education. Established in 1994, Christian Credit One has
helped over two million individuals achieve financial security. Christian Credit One is one of the top members
of the American Association of Debt
Management Organizations (AADMO), Christian Credit One manages clients across the
country. Personalized and confidential consultations are available in person,
by phone or online. Visit Christian Credit
One or call 888-767-9155.
Greg McTaggart, Certified Credit Counselor
with 22 years experience, licensed by AFCPE, Director of Christian
Credit One and is an expert in
budget and Christian credit
counseling. Having the combined experience as a licensed Real-estate
salesman, Mortgage Broker, Real-estate Broker, Notary, Ace Member of the
Cincinnati Credit Executives,
Mortgage Assistance Counselor and Spokesperson of the radio talk show &ldquoThe Money
Mentor&rdquo, Greg McTaggart is a qualified Christian Credit Counselor to help you.
Click Here
to Schedule an Online Consultation with a Trained Counselor
Posted on: 2008-05-02 08:38:30 by creditdebt | 33 Hits
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