Comments on: It’s Never Too Early to Teach Children Good Money Habits http://cashmoneylife.com/teach-children-good-money-habits/ Money Management, Small Business, Career Thu, 09 Feb 2012 19:08:34 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Ryan http://cashmoneylife.com/teach-children-good-money-habits/#comment-23277 Ryan Tue, 20 Apr 2010 15:48:50 +0000 http://cashmoneylife.com/?p=2286#comment-23277 Sounds much like my brothers and I when we were growing up. I'll give you one guess regarding which of your daughters is more like I was. ;-) Sounds much like my brothers and I when we were growing up. I’ll give you one guess regarding which of your daughters is more like I was. ;-)

]]> By: Kirk Kinder http://cashmoneylife.com/teach-children-good-money-habits/#comment-23274 Kirk Kinder Tue, 20 Apr 2010 14:49:59 +0000 http://cashmoneylife.com/?p=2286#comment-23274 Great post, Ryan. This is something all parents should focus on. It is just as important as teaching your children about manners, respect, and fair play. I wish the school systems had a mandatory personal finance course. I have found that you need to tailor your training to the individual. I have two young daughters, ages 8 and 5, and they both have different mentalities with money. My oldest starts to think about what she can buy once she gets a few dollars. My youngest loves to put money in the bank. I have to entice my older daughter in different ways as far as matching her savings or explaining how her purchases affect her overall savings. My youngest is more of a natural. The key is to ensure they understand the ramifications of spending and saving. Great post, Ryan. This is something all parents should focus on. It is just as important as teaching your children about manners, respect, and fair play. I wish the school systems had a mandatory personal finance course.

I have found that you need to tailor your training to the individual. I have two young daughters, ages 8 and 5, and they both have different mentalities with money. My oldest starts to think about what she can buy once she gets a few dollars. My youngest loves to put money in the bank. I have to entice my older daughter in different ways as far as matching her savings or explaining how her purchases affect her overall savings. My youngest is more of a natural.

The key is to ensure they understand the ramifications of spending and saving.

]]> By: Smarter Spend http://cashmoneylife.com/teach-children-good-money-habits/#comment-23250 Smarter Spend Mon, 19 Apr 2010 22:18:37 +0000 http://cashmoneylife.com/?p=2286#comment-23250 Giving them an allowance with bonuses if they work extra hard (say get all A's in school, do more work around the house) can teach them the values of saving their money and being smart spenders, while rewarding them for good performance - much like they will be in real life. Giving them an allowance with bonuses if they work extra hard (say get all A’s in school, do more work around the house) can teach them the values of saving their money and being smart spenders, while rewarding them for good performance – much like they will be in real life.

]]> By: Kembala http://cashmoneylife.com/teach-children-good-money-habits/#comment-23244 Kembala Mon, 19 Apr 2010 17:16:39 +0000 http://cashmoneylife.com/?p=2286#comment-23244 Ryan, this is a great post and you offer some great ideas to get started. As parents, we’re our children’s first teachers and teaching them about money management is essential. A few tips I would add: - Start while they are young (five years old) explaining where money comes from and how it is used - Share money management books written for younger age groups (e.g. It’s Not What You’ve Got ) - Share news story headlines of famous celebrities they may admire, that experienced significant financial problems for a lesson learned activity Ryan, this is a great post and you offer some great ideas to get started. As parents, we’re our children’s first teachers and teaching them about money management is essential. A few tips I would add:
- Start while they are young (five years old) explaining where money comes from and how it is used
- Share money management books written for younger age groups (e.g. It’s Not What You’ve Got )
- Share news story headlines of famous celebrities they may admire, that experienced significant financial problems for a lesson learned activity

]]> By: Bryan Sr http://cashmoneylife.com/teach-children-good-money-habits/#comment-23240 Bryan Sr Mon, 19 Apr 2010 14:21:05 +0000 http://cashmoneylife.com/?p=2286#comment-23240 I agree you should start the children very early. It is a great idea to have those early savings account and college account and to make them automatic withdrawal. Then don't ever touch them until it is time to use them for their intended purposes. You will be amazed at how the money will build up over 18 or so years. It is a great idea to get the children involved with their savings account. Have them put some of their birthday money aside or from money they get form odd jobs. I know my children love to look at their bank statements to see how much interest they received. I agree you should start the children very early. It is a great idea to have those early savings account and college account and to make them automatic withdrawal. Then don’t ever touch them until it is time to use them for their intended purposes. You will be amazed at how the money will build up over 18 or so years.
It is a great idea to get the children involved with their savings account. Have them put some of their birthday money aside or from money they get form odd jobs. I know my children love to look at their bank statements to see how much interest they received.

]]> By: Kristine http://cashmoneylife.com/teach-children-good-money-habits/#comment-23237 Kristine Mon, 19 Apr 2010 13:04:07 +0000 http://cashmoneylife.com/?p=2286#comment-23237 My 7 year nephew opened his own lemonade stand in his neighborhood. He got a "loan" from his parents, made his profits, and paid off the loan. He learned the value of having his own business and how money flows in and out. It was really neat to watch. My 7 year nephew opened his own lemonade stand in his neighborhood. He got a “loan” from his parents, made his profits, and paid off the loan. He learned the value of having his own business and how money flows in and out. It was really neat to watch.

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