Finances, economy, money, we have all heard these words and either respect them or fear them. Money is something that will always effect everyone.... whether we like it or not. I wouldn't like to think that my life is dependent on money or that my life revolves around it, my husband and I like to think we don't care about money very much, but when the truth comes down to it, we do. We care about putting food on the table, getting into our first house, paying for our education, and clothing our child. These are all important and necessary things in our lives, so we need to make sure that we understand money. We can't hide from it, not talk about it, or pretend we don't know how to handle it... because in reality, you can't hide from it.
I hope that this isn't coming as a downer, but more as a motivation for us to embrace our education of finance. The more we know, the less likely it is for us to get burned and Curtis and I have tried to remind ourselves of that and we want to pass that information down to our children. It is important that we, as parents, try to educate and inform our kids of money in the real world. How important it is to save, to plan for those rainy days, and that being frivolous now, can really hurt in the future.
A great way to help children understand the importance of money is to help them see the undersant the relationship with physical labor and the value of money. When I wanted my very first bike, my parents informed me that I would have to pay for half, which they said was $10. So I worked hard to earn that money. I pulled weeds, washed windows, and set up lemonade stands. It took a while, but when I had my money I remembered how proud I was of myself, being able to walk into the store and pick out the bike I wanted.
I never forgot that lesson they taught me or the value of that bike. I appreciated it more since I bought it with my money, not my parent's (though they did help). I understood the value and was more careful with it and when the time came that I out grew it, I didn't simply toss it aside, I fixed it up all pretty and sold it so I could have money for a new bike.
Setting a night aside to talk to our kids about how to be better with finances is a great idea. To make sure they understand saving and true value. Even taking them to get a Savings Account started; I know Wells Fargo has some free Savings and Checking accounts and if you are under 18, you only have to have $25 to open a Savings account. Wells Fargo even has free pamphlets, CDs, and DVDs for children to help them understand how to get started.
Banks always have bankers and financial experts that are more than happy to sit down with you and talk about options for you and your children, so don't be afraid of going in and asking questions.... they there to help and want to help.
We need to help teach our children not be fearful of handling money and for them be confident in their knowledge, especially in a time where there are so many people who are getting in over their heads or losing money when it could have been avoided. Money problems leads to stress, health problems, marital problems, and emotional problems if they get out of hand. Because of this, we have decided that when our children are old enough to start asking for material items that will be a good time to start the explanation of money. It is never too early and never too late to educate them.
How do you teach your children how to handle money?
P.S. Family Moment Monday Rules:
1. I am going to start having the Family Moment Mondays up and running by no later than 6 P.M. Alaskan time, so that will be 10 PM Eastern Time and 8 PM Mountain Standard time on the Sunday night before the coming Monday.
2. Only put your link in Mr.Linky if you are participating in Family Moment Monday.
3. Place a link from your post back here (Motherhood For Dummies) so others can participate if they want to.
Thanks and enjoy