Teaching Kids About Money In The Family Home

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By: Felecia Nelson
Submitted July 29th 2010 & consists of 380 words.
Located in our collection of children-relationships articles.

These days, all grown-ups go through our daily routines of paying our bills, putting s shelf over their family and putting food on the table. Parents want the best for their children and want to ensure when their kids grow up they will have a brighter financial future than what they had.

One way of teaching children about money is your very own home with the finances you have to juggle. Have monthly meetings with your kids. Show them what these meetings are about.

It all starts with the money that the parents earn first. Explain this to your kids that money doesn’t just grow on trees. Tell them that you get paid consistently over a week or month.

Money that is earned by the parent is used to pay for different bills and items in the house. Try communicating to your children about how money is used.

The following is an example of what you can show to your children:

1. Mortgage = $500
2. Electricity = $200
3. Clothes = $300
4. Entertainment = $50
5. Birthday presents = $200
6. Cell phone bill = $40

From the items above, outlay to your children what your income is being spent on.
Then simply total the items above, then subtract this amount from your income and this would then equal how much you would save.

Explain to your children what these savings will do. For example, it could be use to pay off the mortgage quicker, used to replace a household appliance that is breaking down, or saving for an end of the year family holiday.

Show your children how much things cost and they will start appreciating what money can actually do.

When your children start grasping the idea of what money can do, start encouraging them to think of different ideas to save money. For example, you could save money on going out less to restaurants and eating at home instead.

By doing this, your children will be set up for a potentially greater financial future as they can see what money can do and not do for them.

Want to find out more about teaching kids about money, then visit our site on how to choose the best ways to teach kids about money for your needs.

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