Teaching Your Children About the Value of Money

Written by Gregory Thomas

We take it for granted that children know how money gets into our wallets. The tips below will guide you through teaching your childrenrepparttar value of money.

Now I'm not referring torepparttar 149377 value of stocks and bonds, compounding interest, orrepparttar 149378 current market value of a U.S. dollar.

What every child should be taught at some time, is:repparttar 149379 purpose of jobs (how we earn money), saving for goals (how to save money), limit needless spending (how to budget).

It's up to you to decide when and at what age it is appropriate to discussrepparttar 149380 following topics. But keep in mind that if you don't teach themrepparttar 149381 skills to make educated, responsible decisions with their money, you will be holding back a valuable lesson that should be taught. Learning how to successfully manage money is a skill they will have for life.

Where To Start

Don't assume your children knowrepparttar 149382 meaning or purpose of a job, bills, banks, etc...

Let them see you pay your bills. Explain to them how you have 'X' amount of dollars per month to pay for everything. Point outrepparttar 149383 dangers of getting into debt (credit cards). Explain that ATM machines are not magic money dispensers that give you as much money as you need, for free.

Learning comes from experience. Just talking about money will not getrepparttar 149384 job done. Learning how to earn, save and spend money appropriately comes from real life experiences.

If your children do not have an allowance already, think about starting one. Only when they have their OWN money to manage, can they put your lessons into practice.

When you are discussing allowance with your children, relate it to your own life. Explain to them that when you want to buy something, you must first work to earn money, then save enough money in order to purchase it ie: car, house, clothes. Tell them that if you don't go to work and earn money, there's no way you can afford to buy what you want.

You can then explain to your children that if they want to buy a new toy, they must earnrepparttar 149385 money in order to buy it.

It's Up To You

You can design your childs' allowance and chores however you see fit: weekly, bi- weekly, monthly, pay-per-chore.

One method that's effective is designating 'X' number of chores, for 'X' number of dollars per week.

For example: "Johnny. You will earn $5 a week if you do these jobs/chores: waterrepparttar 149386 lawn (twice), take outrepparttar 149387 garbage, vacuumrepparttar 149388 house (twice), and feedrepparttar 149389 cat everyday."

It's up to you to develop a list of chores that can be done aroundrepparttar 149390 house, and an appropriate allowance amount to go with it. In other words, you shouldn't have your child paintingrepparttar 149391 whole house for a quarter.

The Cheapest Christmas Ever!

Written by Ann Scaling Tucker

Have you ever said "I wish we didn't have to spend so much money on Christmas?" or "I wish we could have Christmas without going into debt!" Well here is your answer - tell your family that next Christmas no one is allowed to buy a new, expensive gift for anyone! Yes, I really said that. Tell them that all presents must be from garage sales, tag sales, yard sales, auctions, handmade or made over.

You really need to start now, or start next spring/summer, hit allrepparttar garages sales and auctions that you can. Find items that your family collects, things from sports teams that they like, such as T-shirts with silly sayings, posters, glasses, etc. Pick up craft items that will look cute around someone's home. You can find games forrepparttar 149376 kids byrepparttar 149377 carload and puzzles abound for that person who lives to do puzzles. You won't believe how many golf clubs you can find, bicycles, tricycles, baby toys and clothes. You can find records, cassettes and videos (old classics make great gifts). Did you know that a 45 record of Elvis inrepparttar 149378 cardboard cover was found for a quarter recently and a collector offeredrepparttar 149379 person $150.00 for it. Think how many gifts you can collect overrepparttar 149380 summer for a quarter to a dollar. The person who collects cats or bears can double their collection just from items you find. You will be amazed atrepparttar 149381 silly things you can find at garage sales for that special brother, sister or best friend.

Look at items as they will look cleaned up or painted. Pieces of furniture like cabinets, bookcases, dressers can look terrific if sanded and restained or paintedrepparttar 149382 color of someone's room theme. You can make them match by adding wood cutouts, decals, or ornaments. Cute 2 and 3 drawer end tables for playrooms, a home office or kids room can be painted with each drawer a different color or painting stripes. Knobs can be painted or replaced. Old trunks, foot lockers, old part metal suitcases can be made into neat storage or toy boxes. Be sure to fix lids so they won't fall on children when they are open. Decoupagerepparttar 149383 inside lids and bottoms with wallpaper, newspaper or wrapping paper.

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