How do you teach your children about money?

[lgullett]

Nowadays children are overwhelmed with ads everywhere. Do they automatically expect it is easy to buy whatever they see in an ad? Worse are the VISA debit card ads making life look so much easier by using your card "all the time" instead of cash. Well kids have to learn how that system works and understand what NSF are. Banks will 99.9% of the time charge an account even if there isn't enough in a checking account. Then the NSF fees add up very quickly by charging an additional fee each day you are in the negative.

Within a very short time, the person has to mortgage a house to pay them off, or else it will destroy your credit in the worst way. Banks have their own private network of information somewhere reporting those bad account holders. I forgot where, but it is like insurance companies has a network of information available to all insurance companies where if you hit a pedestrian, you become high risk and can't hide that from another insurance company.

So helping children respect money will help them learn how to make wise decisions as they grow. At a very young age children can learn so much about money. There are many books and resources on the subject to give you creative ideas that have worked for other's in the past. How do you help your children learn about money?

[Louise31]

Make them realise that you have to earn money to get things give them little jobs to do and reward them with money and allow them to buy stuff with their money.

[Naphtali]

My parents always told me that money doesn't grow on trees and I cannot have whatever I wanted just because some friends had something. My mother took me into a bank and opened a savings account for me and told me that if I wanted something I would have to save my money to get it, like my parents saved for things.

That taught me well and kids should understand that they can't always get what they want.

I think a lot of parents spoil their children by buying them very expensive products that just aren't needed by the child.

[yvonnewilcox]

The way to teach them about money is to make them save for the extra things they want. You as a parent have to provide the things they need but when it something special that they want, there is nothing wrong with making them save for a video game rather than you going and buying it today.

[suvan]

Everyone should know the importance of money & specially children should be taught about it.This will help them to reduce the unnecessary wastages of money in future.As a father when I feel that my son is wasting money,I always advise him about why not to waste money & tell him the examples of the poors.I've found it works nicely for him.

[feelice]

Teaching children about money are not very hard,you should teach them not too greed with the money,and Save the money into use it in a Appropriate way.