Money | Kids Money Management

Teaching Children About Money Early

By Jason

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November 17, 2016

Teaching children about money and how to save it is something that all parents should do. This is something that schools often ignore, and sadly, many children grow up without understanding the importance of budgeting and saving money for the future. As parents, teaching these lessons to children is like giving them a gift that they will use for the rest of their lives. Continue reading to learn how you can teach your child about money and the importance of saving.

Don’t give children everything they want

As parents, it’s easy to fall into the trap of wanting to make your children happy. This may involve rushing out to buy the latest toys, or electronics. Doing so is a sure fire way to set a child up for unrealistic expectations and frustration later in life. Teach children that life isn’t filled with instant gratification. In order to get the things they want, they must work and save up for them.

Give children an allowance

Children can’t really learn about money, if they never have any. Give children a weekly allowance. Let kids use their allowance for items such as toys, new cell phones, and extra clothing, outside of the regular clothing items that parents buy. Teach children how to work to make extra money if they need more than what they have. Let them do yard work for neighbors, or pick up extra chores around the house. Just don’t hand them money, let them earn it and save. This is a wonderful lesson that they’ll need for their future.

Have kids open up a child’s bank account

education Most banks have special accounts available for those who are under 18 years of age. These accounts don’t carry the same fees as accounts geared toward adults do. Have children save a portion of their allowance each week. Take them to the bank to make a deposit. This teaches them to save for the future instead of spending everything they have as soon as it’s in their hands. This lesson can save the a lot of stress when they are grown and living out on their own.

While children may fuss about having to save, and budget their money for the things they want, when they are grown, they will thank you for teaching them how to handle money. Far too many people never learn how to do this. You’ll be preparing your children for the future, a future that will hopefully be a lot easier because they learned how to care for their money.

Getting The Correct Financial Support for Kids

By Jason

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November 15, 2016

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| Education

Child support is a term given to the funds and other supportive elements that are provided to a child so that they can be raised properly. Usually it is used in conjunction with divorce or separation of the childs parents. For example, if the childs parents are not living in the same home, there are legal ramifications and the child should still be supported by both parents. In many cases, the parent that is no longer living with the child will need to provide funds for the child to the other parent.

In many cases, children are in need of more than monetary support, though. They are quite often experiencing the fact that their other parent has left them, even if it is only temporary. The fact that that parent is not in the same home with them any longer is quite traumatic and can be very life changing to them. In this case, it is essential for their well being that that parent makes a good deal of effort to provide the support the child needs.

Support in this form can come in many things. First of all, the parent that is living with them should provide the child with the ability to see their other parent. Now, when there are concerns about the safety of the child, this is a completely different case. Yet, in most cases, this is not the case. The parent then should provide them with ample ways to communicate and welcome their other parent into their life.

This many include conversations over the phone and in email. One great way for this to work is through the internet process of web cams. They can see and hear their parent which makes them really feel as if they are there for them. It is also important that the parent living with the child to never say negative things about the other in front of the child, no matter how harsh the settlement is.

Child support should also come in the forms of counseling. Many parents notice changes in their child when there is divorce or separation. Many blame themselves and many more will worry about this endlessly. It is essential for both parents to play a role in supporting their child in a positive way throughout the entire process. If they seem to need to an outlet and it is about the situation, it may not be wise to talk to the parents. The child may want someone else to help them. In this case, seeking the help of a professional can really make a difference.

Should Your Children Receive Money for Good Grades?

By Jason

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November 13, 2016

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| Education

We all want our children to do well in school. Good grades lead to good opportunities that, in turn, contribute to a good adult life. For that reason, it is only natural that we should want to encourage our children to do their best academically. But what is the best way to encourage academic excellence in children? What kind of reward is “right” for teaching children about the value of bringing home a report card with high marks? There is some debate over whether or not parents should offer monetary rewards in exchange for good grades. Should your children receive money for good grades? Take a look at these pros and cons and decide for yourself:

The Pros of Rewarding Good Grades

Work ethic. Some argue that giving cash rewards for good grades is a great way to instill work ethic in children from early-on. After all, when they leave school and start a career, they will be paid for a job well done.

Incentive. Let’s face it: some children just don’t have the natural propensity to enjoy schoolwork. If your child struggles with the thought of committing to and developing enthusiasm for educational obligations, then money may be the incentive needed to get out of that rut.

Real-life equivalence. Life is full of rewards and punishments. Teaching children that hard work and accomplishment comes with rewards is not necessarily a bad thing.

The Disadvantages of Rewarding Good Grades

External versus internal satisfaction. Many opponents of the cash-for-grades method argue that making good grades should be a fulfilling experience in itself. Children should learn a love for achievement, based on the satisfaction of setting a goal, working hard to reach that goal, and then accomplishing that goal – no external payoff required.

Entitlement. It may be unhealthy to reward children for doing things that they should do no matter what. If you give your children money for grades, what’s next? Paying them to be nice to others?

Un-academic children. Some children struggle in school for very legitimate reasons. Children who have learning disabilities may find it difficult (or impossible) to bring home straight-A report cards, and the cash reward for good grades may feel like an unattainable carrot dangling in front of their faces and a constant reminder of their struggles.

All children are different, and what works for one may not work for another. There is no definitive answer to the question of giving money for grades, but a good, hard look at the possible pros and cons should help you arrive at a conclusion that is best-suited to your family.