Search Results for: blog teaching teens to save money

8 Things Kids Need to Know about Money

It is never too early to start teaching your children about money. While many parents shy away from discussing financial issues with their kids, this can be one of the biggest mistakes that they make. Instilling good habits and a basic understanding about how finances work can give your child an edge that will stay with him or her for a lifetime. 1. There is a difference between the things that you want and the things that you need. Wants versus needs can be a tough concept for kids to understand, but teaching them that real necessities must be met … Continue reading →

How Your Teen Can Earn Money This Summer

With the summer job market being tight this year, your teens may have to come up with some unconventional ways to earn some money this summer. Here are some ideas for them to try. Host a Camp I know a couple of teens who created a thriving business hosting a camp in conjunction with the local ice rink. Parents can drop their kids off for fun and games with the hosts when they aren’t on the ice skating. Teens can check with local gymnastics programs, pools, bowling alleys and other places where a little extra child care would be welcome. … Continue reading →

Start Teaching Your Kids about Money

There is never a bad time to start teaching your kids about money. The best approach is to make it a part of their life, just as it a part of yours. Money makes the world go round… or so some people feel. Whatever your thoughts are on money, it plays an integral role in most everything we do. Therefore, the best way to teach kids about finances is to include them. Start first with a piggy bank. Even young kids love the sound of coins dropping in the slot. Then move on to using money for math lessons and … Continue reading →

Money Week in Review June 3-June 18

We have covered several topics in the last few weeks. There are a wide variety of articles available to help you. Favorite Money Savings Tips shares five easy ways to save money. This article covers everything from groceries to gas. You can learn to make the most of your credit cards in Negotiating Credit Card Rewards. Debbie offers some great tips to help you ear better rewards. Have You Considered Downsizing? discusses the changes that you may make in order to live comfortably both now and in the future. This article focuses on why you may change and specific areas … Continue reading →

Should We Force Our Kids to Save?

To be completely honest, I am struggling with the question of whether I should be forcing my kids to save or not. As it happens so often in parenting, the issue of natural consequences vs. discipline is debated. In most cases I usually find some sort of middle ground between telling my kids what to do and letting them find out the “hard” way. But what is the middle ground in learning to save? I know some parents who require their children to save a portion of their allowance, gift money, or earnings either in a true bank savings account … Continue reading →

Teens Saving Money

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What is the best way to teach teens money saving tips? Most teens I know only love to spend money. For a parent teaching kids about savings it basically involves the fine art of motivation. Kids are certainly all about instant gratification. Although teens are starting to look and act like adults, they are still very much kids at heart. The maturity around setting limits, especially with money, has not been instilled in their development. But, that doesn’t mean you shouldn’t start teaching your teen money saving strategies. Just be patient, knowing that your advice and tips will probably not … Continue reading →

Should You Make Kids Save for College?

When my kids were younger, we had a rule that a percentage of their money needed to go into savings–this went for earned money, birthday and gift money and other money that came their way. Over the years, with two households and two separate sets of rules, that “savings plan” has come under attack and while saving is still stressed at Mom’s house–it isn’t necessarily the rule of the family any longer. I always admired families who had a “college fund” that the kids contributed to, and I’m definitely on board with teaching kids how to tithe and save. As … Continue reading →

Should Teens Receive An Allowance If They Are Working?

Should a teen’s allowance end once they start working? I was surprised to find that 45% of respondents in a recent poll by the Family Education Network felt that teens should continue to receive an allowance once they start working. 47% voted “no” and just 8% had “no opinion”. I found this kind of odd. I’ve never known a teen that worked and received an allowance. That seems to defeat the purpose of working. When teens work, it’s a step toward independence. It’s also a good way for them to learn the value of money and how to budget. If … Continue reading →

Teaching Your Children the True Value of a Dollar

One important thing to teach your children is how much things cost. This can be a difficult thing for children to grasp. They may not understand why there is not enough money at the end of the month for the new pair of jeans that they want. If they are young, they may want something as simple as a treat at the grocery store each, week, and not understand why you can not get it for them. As soon as you feel your children are old enough to begin to grasp the numbers, then you can sit down with them, … Continue reading →

The Importance of Teaching Your Children About Money

For some families the topic of money is taboo. This is especially true in families where money is not managed very well. Although it can occur in families that do a good job saving and investing as well. Often the parents do not want to worry their children, but rather want to provide everything for them. In many instances the children will receive nearly everything they want, but end up lacking the critical skill of money management. You do not need to sit down and share every detail of your financial situation with your children. You may begin by simply … Continue reading →