Teaching Kids About Finances

It can be both easy and fun to teach children about finances. Learning about money helps children to also learn how to be generous, responsible and aware of their spending decisions. It is never too early to start teaching your kids about finances in your family. Children who understand what is required to be able to run a household are able to learn the value of money at a very young age.

One way to introduce children to the concept of money and balancing a budget is to give them chores for which they are paid an allowance. It is also a good idea to teach them to save around ten percent of that allowance in a savings account. You should not allow them to borrow against future allowances for a larger purchase, but to save for any items outside of their current budget, thus setting a healthy precedent and attitude to money for their adult life.

Giving children an allowance that they can spend largely as they wish establishes a foundation for dealing with money and being mindful about things that they really want to buy and things that need to be saved up for in order to acquire. Working for chores also teaches them the importance of the concept of work for pay.

Dining out can be a great way for families to enjoy some quality time together, but if things go wrong, it can also be a nightmare.  Here are a few tips to ensure that your family eating-out experiences go more smoothly:

1. Lay the groundwork.  Children can’t be expected to behave well in restaurants if they are used to being allowed to run riot at mealtimes at home or haven’t been taught the basics, such as how to use the proper utensils.  Prepare your children by eating as a family at home and by teaching and enforcing good table manners and behavior.
2. Pick your time.  Taking children to a nice restaurant when they are tired, over-hungry and fractious is often a recipe for disaster, so choose your time carefully.
3. Pick your place.  If there are no other children in the restaurant that you are considering, it might be wise to steer clear.  Children often pick up on an atmosphere that is not child-friendly, and the companionship of other children often encourages better rather than worse behavior.
4. Order carefully.  Ordering a selection of appetizers rather than main courses not only can mean a shorter wait for the food to arrive, but it also avoids the issue of children complaining that they don’t like the food.
5. Never use dining out as an opportunity to have your children try something new.  Keep your experiments for mealtimes at home.