With all of January's talk about taking steps to give up bad habits, engage in healthier ones, and, in all things, do our best, don't overlook money matters.
Now, as the recession deepens and unemployment rises-currently at 6.8% here in Montgomery County-it's more important than ever to teach our children-and remind ourselves, as well-to make wise monetary choices.
Every decision we make-when to charge or pay with cash, what to buy right away or put on hold, and if and how much to save-matters and serves as a lesson for our kids. All of it, right there along with paying our bills on time.
Early on, Santa, the Easter bunny, and the tooth fairy take center stage, making gifts and cash appear as if by magic. But over time, as our children grow a little wiser, those characters lose their hold, and the realities of wanting something and having to pay for it come into play more starkly.
Money doesn't grow on trees and nothing is free--a message taught well by a piggy bank and an allowance. A reasonable allowance, that is. While waiting for his school bus the other day, one local 7th grader explained that he hadn't received the device for Christmas at all. Instead he'd bought it. "No big deal," he explained. "I get $50 every week."
And speaking of an allowance, singles and some change work best, so that at least one dollar and/or a few coins can be put aside and saved in that piggy bank every week. Add monetary gifts, too, so that most of it isn't spent right away.
Then consider adding interest to your child's savings every month, explaining the concept and showing how it's included in your monthly bank statement balance, as well.
Then do the piggy bank one better and open a savings account for your child at your local bank. Now saving becomes official-and a very grown up activity. There's nothing as appealing as owning a bank book and watching the balance grow with each deposit. Plus, it helps make saving a life-long habit.
As your child gets older, provide her with an expandable file folder, too, so that she can keep track of her purchases and retain her receipts-just like you do for tax purposes. Being accountable is a worthy goal.
Meanwhile, don't be swayed into buying everything your child wants. Hankering for something is certainly not the same as needing it. Indeed, quite often it's just a fleeting fancy, appealing because "everybody has one"--at least for the moment. Go with no when it counts and model the behavior you're hoping to see. In other words, save for that flat-screen TV instead of just putting it on your credit card and worrying about paying the bill later.
Be sure to teach gratitude, too, right there along with thriftiness. Sit down and pore through circulars together, hunting down sale items and reduced prices on essentials like groceries. Check costs at different markets, as well, and then shop together, comparing prices of brand names and store brand products as you go along.
Then take some cost-cutting measures around the house. Your child needs to realize that your hard-earned income should not be thrown away on wasteful energy choices. Together, head to a hardware store and invest in simple items that will save dollars right from the start; then get to work as a team. Start by installing a low-flow shower head to reduce water heating and usage costs. Then there's rope caulk-easily removed--for sealing up drafty windows. And don't forget switching to fluorescent light bulbs; each one can last up to 10,000 hours and replace 10 regular bulbs.
Want to do more around the house? Seek out professionals who can help with trickier improvements, such as mounting overhead ceiling fans, installing low-flow toilets, and insulating your home. Being energy-wise is good for your budget and comfort, while it helps the environment and teaches your son or daughter valuable lessons about money management.
And don't forget charitable giving-both monetarily and time-wise. Talk about your favorite organizations and how you heed their annual appeals with a check whenever possible. Explain how s/he can make a difference by contributing a little something every once in a while, too.
Finally, whenever you can, serve as a role model by volunteering. Organizations such as Cradles to Crayons and Startin' School in Style can use your help--your chld's, too.
Remember: as guides, we parents owe it to our children to teach them how to save money and spend it wisely, reduce wastefulness, and give to others. That, by definition, is true success.
Carol is a learning specialist who worked with middle school children and their parents at the Methacton School District in Pennsylvania for more than 25 years and now supervises student teachers at Gwynedd-Mercy College. Along with the booklet, 149 Parenting School-Wise Tips: Intermediate Grades & Up, and numerous articles in such publications as Teaching Pre-K-8 and Curious Parents, she has authored three successful learning guidebooks: Getting School-Wise: A Student Guidebook, Other-Wise and School-Wise: A Parent Guidebook, and ESL Activities for Every Month of the School Year.
Carol also writes for examiner.com; find her articles at
http://www.examiner.com/x-6261-Montgomery-County-Wise-Parenting-Examiner For more information, go to
http://www.schoolwisebooks.com or contact Carol at [mailto:carol@schoolwisebooks.com]carol@schoolwisebooks.com.
Article Source: [http://EzineArticles.com/?Info-101---Family-Money-Management-Tips&id=3591332] Info 101 - Family Money Management Tips
With all of January's talk about taking steps to give up bad habits, engage in healthier ones, and, in all things, do our best, don't overlook money matters.
Now, as the recession deepens and unemployment rises-currently at 6.8% here in Montgomery County-it's more important than ever to teach our children-and remind ourselves, as well-to make wise monetary choices.
Every decision we make-when to charge or pay with cash, what to buy right away or put on hold, and if and how much to save-matters and serves as a lesson for our kids. All of it, right there along with paying our bills on time.
Early on, Santa, the Easter bunny, and the tooth fairy take center stage, making gifts and cash appear as if by magic. But over time, as our children grow a little wiser, those characters lose their hold, and the realities of wanting something and having to pay for it come into play more starkly.
Money doesn't grow on trees and nothing is free--a message taught well by a piggy bank and an allowance. A reasonable allowance, that is. While waiting for his school bus the other day, one local 7th grader explained that he hadn't received the device for Christmas at all. Instead he'd bought it. "No big deal," he explained. "I get $50 every week."
And speaking of an allowance, singles and some change work best, so that at least one dollar and/or a few coins can be put aside and saved in that piggy bank every week. Add monetary gifts, too, so that most of it isn't spent right away.
Then consider adding interest to your child's savings every month, explaining the concept and showing how it's included in your monthly bank statement balance, as well.
Then do the piggy bank one better and open a savings account for your child at your local bank. Now saving becomes official-and a very grown up activity. There's nothing as appealing as owning a bank book and watching the balance grow with each deposit. Plus, it helps make saving a life-long habit.
As your child gets older, provide her with an expandable file folder, too, so that she can keep track of her purchases and retain her receipts-just like you do for tax purposes. Being accountable is a worthy goal.
Meanwhile, don't be swayed into buying everything your child wants. Hankering for something is certainly not the same as needing it. Indeed, quite often it's just a fleeting fancy, appealing because "everybody has one"--at least for the moment. Go with no when it counts and model the behavior you're hoping to see. In other words, save for that flat-screen TV instead of just putting it on your credit card and worrying about paying the bill later.
Be sure to teach gratitude, too, right there along with thriftiness. Sit down and pore through circulars together, hunting down sale items and reduced prices on essentials like groceries. Check costs at different markets, as well, and then shop together, comparing prices of brand names and store brand products as you go along.
Then take some cost-cutting measures around the house. Your child needs to realize that your hard-earned income should not be thrown away on wasteful energy choices. Together, head to a hardware store and invest in simple items that will save dollars right from the start; then get to work as a team. Start by installing a low-flow shower head to reduce water heating and usage costs. Then there's rope caulk-easily removed--for sealing up drafty windows. And don't forget switching to fluorescent light bulbs; each one can last up to 10,000 hours and replace 10 regular bulbs.
Want to do more around the house? Seek out professionals who can help with trickier improvements, such as mounting overhead ceiling fans, installing low-flow toilets, and insulating your home. Being energy-wise is good for your budget and comfort, while it helps the environment and teaches your son or daughter valuable lessons about money management.
And don't forget charitable giving-both monetarily and time-wise. Talk about your favorite organizations and how you heed their annual appeals with a check whenever possible. Explain how s/he can make a difference by contributing a little something every once in a while, too.
Finally, whenever you can, serve as a role model by volunteering. Organizations such as Cradles to Crayons and Startin' School in Style can use your help--your chld's, too.
Remember: as guides, we parents owe it to our children to teach them how to save money and spend it wisely, reduce wastefulness, and give to others. That, by definition, is true success.
Carol is a learning specialist who worked with middle school children and their parents at the Methacton School District in Pennsylvania for more than 25 years and now supervises student teachers at Gwynedd-Mercy College. Along with the booklet, 149 Parenting School-Wise Tips: Intermediate Grades & Up, and numerous articles in such publications as Teaching Pre-K-8 and Curious Parents, she has authored three successful learning guidebooks: Getting School-Wise: A Student Guidebook, Other-Wise and School-Wise: A Parent Guidebook, and ESL Activities for Every Month of the School Year.
Carol also writes for examiner.com; find her articles at
http://www.examiner.com/x-6261-Montgomery-County-Wise-Parenting-Examiner For more information, go to
http://www.schoolwisebooks.com or contact Carol at [mailto:carol@schoolwisebooks.com]carol@schoolwisebooks.com.
Article Source: [http://EzineArticles.com/?Info-101---Family-Money-Management-Tips&id=3591332] Info 101 - Family Money Management Tips
