College students often find themselves paying only the monthly minimum payment on each of their credit cards due to limited funds. It is not uncommon however, paying only the minimum payment can lead to outrageous interest accumulation which can cause you to owe much more than you originally charged. Of course, this is what many cr... Read more
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If you have ever struggled with your own money management issues, you probably know how difficult it can be to deal with personal finance issues. If you have made it to the light at the end of the tunnel, and have been able to overcome financial problems, you also know how much easier it is to get through your day to day life without worrying about money. If you do not want your children to deal with same financial burdens you have struggled with, it is wise to teach them the importance of good money management skills.
Establishing Solid Money Management Habits Just as you teach your children other good habits, such as brushing their teeth and cleaning up after themselves, you can also teach them good money management habits. The most important is teaching your children the value of saving money and not spending their savings on an impulse. Give your children the opportunity to save money by rewarding them with an allowance or monetary value for completing tasks outside the realm of their regular responsibilities. To teach children the connection between spending and saving, do not try to dictate how they handle their money. Allow them to spend or save at their discretion. If you know your child wants to purchase a new video game, but he or she wants to spend their money on a bucket full of candy, you can remind your child that if the money is spent it will take longer to reach their goal of getting the video game. Teach them, but don’t tell them what to do. Practice What You Preach Although you may have the best intentions when it comes to teaching your children good money management skills, they will not reap the benefits of your efforts unless you are also managing your own money wisely. If your children see you constantly purchasing unnecessary items or overspending, when you tell them how important it is to save their money – the advice will fall on deaf ears. The old saying “do as I say, not as I do” will not work when it comes to teaching children the value of good money management skills. If, on the other hand, your children see you working hard to save money and successfully reaching financial goals, they will be more inclined to follow in your footsteps. Family Savings Goals You can even set family savings goals together for fun. If you set a savings goal of a certain amount to reach in a set timeframe to take a family vacation, work with your child to save for a goal within the same timeframe. Your child can set a goal and save so that he or she will have spending money of their own while on the vacation, or for some other item to be used on the vacation. Whatever the family goal is, working together towards a financial goal can be fun and rewarding and can bring the family together.
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