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Friday, December 2, 2011

5 Effective Tips on How You Can Teach Your Kids to Manage Their Money

Do you know how important it is to teach your children how to manage their money? They are not only saving for their petty goals (new game console and new mobile phones), you are also preparing them for the real life. We all know that it’s very hard to keep up with the monthly budget, right? Hence, you have to start teaching them as early as possible. 

Give them just the right amount of allowance. Some parents think that it’s fine if you give your children a lot of cash. You can’t blame them. They might be thinking about emergency money for some unexpected circumstances. However, that’s not good for all cases. Your kids will not learn how to budget. They will learn how to buy unnecessary items because of the extra money that they have.
It would be best if you make your own assessment about his daily expenses. For example, try to see how much he spends for food and for the bus ride. From there, you will be able to compute how much he needs for a day. 
Help them create goals. Goal setting is really important. With this, they will learn how to give up other expenses. If they want to have a vacation, they have no choice but to cut down on their weekly night outs. 
Teach your kids to prioritize. This is cohesive with the above tip. Before they set their goals, they need to know if it’s important. Ask them if they can survive without it? If they can, chances are, they don’t need it. 
Priority exercises can be given as well. Casually ask them what’s more important. For example, you must allow them to choose between a new iPad and a new mobile phone. Listen to what they say and give your own opinion too. That way, you are teaching them how to prioritize and to be responsible in making own decisions. 
Let them keep their savings. Some parents would like to keep their kid’s savings. They are afraid that their children will spend it on non – sense items. For me, that shouldn’t be the case. Allow them to hold on to their money. It will teach them how to control their urges. 
Show them the ‘mommy – techniques’ to save. I’m sure that you are always looking for cheap promos and discounts. Share that habit to your kids. Show them discount sites for theme parks, groceries or clothes. For sure, they will be able to embrace this practice even when they are already full grown-ups.
Just remember, your kids are not getting any younger too. They need to learn the practices in the real world. If you won’t teach them now, they will surely learn it from a Debt Management Institution. Of course, you don’t want that to happen, right? 
Toni Okeson is a mother of two and always checks for a Theme Park coupon before heading out to the park with the kids. Theme Park Coupons offers specials for just about every theme park in the U.S., including Sea World Coupons for all 5 of their U.S. parks

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