Search Results for: blog teaching teens about commitments to contracts

Using Charts and Contracts To Help Your Child Reach Goals

Using charts and contracts is a good way to help your child achieve a goal. In the book, Common Sense Parenting, the authors offer tips on how to write a contract and how to use contracts. Simply put, a contract is a written statement of what your child agrees to do and what will happen if he or she accomplishes that goal. A chart is a visual representation used to help keep track of the agreement. Some examples of goals you might want your child to reach include, keeping their bedroom clean, doing their homework and coming home on time. … Continue reading →

Teaching Teens to Save Money

It is important to teach your children to save money. This step can be easy to do, especially if you start at an early age. Saving money will teach your children discipline. It will also help them to see that as they save their money they will have more power to do the things that they want to do. Here are five tips for teaching teens to save money. 1) Have your teenagers save towards a goal. It may be a car. It may be a high school trip. If you discuss the goal with your child, and make a … Continue reading →

Teaching Teens to Manage Money by Limiting Handouts

One of the most important things you can do to teach your children to manage money is to limit the amount of money that you give them each month. This is important because it gives them the opportunity to learn to plan ahead, and watch how they spend their money. It also encourages them to shop wisely. This may seem difficult to do and your teenager may complain when you do so. Here are five tips when beginning to start a set amount that you will give each month. 1) First sit down and discuss with your child the amount … Continue reading →

Mad Dash for Serious Summer Cash

My daughter is hunting for a summer job, so she can earn money to purchase this. She’s seven. I told her that if she picked up her toys, set the table for dinner and help fold towels, at least five days a week, I’d give her $5. She turned down my offer. “I want to walk dogs for money,” she replied dryly. “Not fold towels.” Well, then, I sure hope our neighbors don’t turn her down when she solicits her services or she’s going to be one poor kid this summer. And by poor, I mean the Bank of Mommy … Continue reading →

Cash for Kids

How much would you pay your kid to sweep up spilled Cheerios from the kitchen floor? With summer just around the corner, many kids are looking for ways to make money to fund summer fun. In most cases, younger children look to their parents for spare change or cash in exchange for hard labor. Okay, maybe that’s just my house. Older children may look for outside work to pad their wallets; though securing a summer job is not always easy. It pays to start the search for summer employment early. Many businesses start posting seasonal positions as early as March. … Continue reading →

Is Your Graduate Ready to Make Financial Decisions?

The time when you send your high school graduate out on his own is drawing near. Is your child financially prepared to function on his own? Does he realize the ins and outs of planning, saving and spending? Can he manage a workable budget? Here are five tips to help him start out on the right foot. 1) Before he goes out on his own, sit down with him and briefly outline a realistic budget with him. For this to work, he really needs to set the limits. You may want to guide the discussion by suggesting categories that he … Continue reading →

Have You Had the Credit Card Talk with Your Child?

As you send your children off to college have you prepared them for the credit card offers that they will begin to receive? Have you taught them the dangers of opening multitudes of credit cards and charging up the balances? Have you done everything you can to prepare your children for the financial responsibility that comes with adulthood? Even if you plan on paying all of your child’s expenses for college, you should take the time to warn them about the dangers of credit card use. Often college freshman will open up a credit card, and never tell their parents. … Continue reading →