Don't have an account? To participate in discussions consider signing up or signing in
facebook connect
Sign-up, its free! Close [x]

Benefits

  • okay Create lasting relationships with other like minded women.
  • okay Blogging, let your voice be heard!
  • okay Interact with other women through blogs,questions and groups.
  • okay Photo Album, upload your most recent vacation pictures.
  • okay Contests, Free weekly prize drawing.
  • okay Weekly Newsletter.

inactive

Q & A

What do you do to teach your kids financial responsbility?

  •  



Answer this See more Questions

View All Answers

    • 0 votes vote up vote up

      Ms-kay wrote Nov 14, 2008
    • It is more important now than ever before for children to learn about money and how to prepare for their future.

      When kids are very young, there’s no difference to them between the cost of a candy bar and the cost of a video game. Price is meaningless to them.

      Older kids may know what things cost, but they may have little idea about whether they‘re getting value for their money. They may know that a pair of sneakers costs $100, but are they worth the money?

      My tactics is Shop and Talk. When I’m out shopping with my kids, I show them price tags. I point out when things are costly or not.

      I give allowances. Not for chores or grades. Nothing teaches kids quicker about what things cost than by giving them their own money to spend.




            Report  Reply


    • 0 votes vote up vote up

      Rene' Grandon wrote Nov 14, 2008
    • Hi Annie,

      We did pay our boys for chores.
      I helped my boys get bank accounts and taught them my method of using more that one checking account. I have a daily account and a bill account. So we taught the boys how to use the accounts so your bill money did not affect your daily spending or vice versa.
      My youngest is curently paying us insurance and his car payment til we get his car in his name.
      I have talked to the boys about importance of paying bills and not messing up your credit. we are working to fix our credit and i hope they heard us so they don’t have the same struggle.
      Doug and I discussed it and we decided it was not good to leave our boys in the dark about financies like our parents did.

      Ciao,
      Bella




            Report  Reply


    • 0 votes vote up vote up

      Anonymous wrote Nov 14, 2008
    • My kids started working at 15 and bought their own cars. I know this to many parents seems like a big responsibility, but this has put their finances on track. They appreciate money and understand hard work. I thank heaven for the way they turned out. My husband and I have always been strict but supporting them as they worked at a young age was one of the best moves we have ever made. Luckily they always had their priorities straight and were able to balance school and work, with a few bumps here and there but they turned out just wonderful.




            Report  Reply


    • 0 votes vote up vote up

      Cheryl Phillips wrote Nov 14, 2008
    • Love this question. We all participate in SAVING money. We reduced our $140 a month electric bill down to $40 a month. We shut lights, unplug unnecessary plugs, etc etc. It works. They love to see the bill and know that we can all work together to save.

      They do get an allowance. It’s small. It doesn’t come without help. Bringing in groceries, taking out trash, setting the table and putting laundry away. It’s not work—it’s help. I don’t see it as anything but being part of a family.  

      I teach them to save. I don’t want them to never spend, though. I think they learn the real value when they have their own “earned” money to spend. They become “choosier” and realize that $1 doesn’t go far.

      Teaching this early on is so important.....




            Report  Reply


    • 0 votes vote up vote up

      Anonymous wrote Nov 14, 2008
    • All great ideas and thanks.

      Hit the wrong button! How can I change back to a real person.  DANG!




            Report  Reply


    • 0 votes vote up vote up

      Carine Nadel wrote Nov 14, 2008
    • I have to say, we taught them by example and life lessons.  talked openly about the value of the dollar and how hard it is to earn it.
      One grown child thinks that we are ridiculous and is always in debt-the other, like us, plans ahead, spends frugally and has goals in mind.  btw, he’s the younger of the two!




            Report  Reply


    • 0 votes vote up vote up

      Cindy Stewart Penkoff wrote Nov 14, 2008
    • My husband is a corporate controller.  He simply sat down and showed Jeffrey how much interest he makes on the money in the bank.  Now he makes sure that EVERYTHING goes into his account.

      I also do not buy him all the little chatchkey stuff he wants.  If he wants it he has to pay.  You can always see the little adding machine going in his head.  More times than not he desides he doesn’t need it.




            Report  Reply


    • 0 votes vote up vote up

      Michelle Rowe wrote Nov 14, 2008
    • We teach them the importance of having good credit. Start them with a gas card. Have them charge the gas for their car and have them pay it off each month. It’s a great way for them to begin developing their credit.




            Report  Reply


Ask a Question






mature content submit as anonymous