If I had a dollar for every time I have been asked by a parent what to tell your kids about money, I'd be a millionaire. There are many different aspects of money management you can and should tell your children about. Here I will share with you what I believe are seven of the most important principles
1. Money can be exchanged for goods or services. This is one of the first few lessons you should teach your child once they are old enough to understand - usually around the age of 3 years. Next time you go down to the corner store to buy one or two items, let your child hand the money to the cashier. By doing so, they will gain a greater appreciation of the concept of being able to exchange money for things you want or need.
2. One should be careful with money. Some people I know, seem to think that any coins with a value under 50 cents are just too small to be bothered using, and so when cleaning out their loose change from around the house will simply throw these smaller coins in the bin. What a waste! Encourage your child to be careful with all denominations of money, and show them how those small coins can add up, by starting a family small coins box. Maybe you could use the money to fund small family outings (a trip to the shop to get ice creams).
3. Money has to be earned. There are many people in the world these days that don't seem to have ever learned this lesson. They sit around home and expect handouts so they can live, or turn to a life of crime to fund their existence. Be careful not to give your child money every time he or she asks, without expecting anything in return i.e. completion of household chores.
4. Encourage one-third savings, one-third donations, one-third spending. The exact proportions in which your child divides their money are up to each individual family to decide, based on their beliefs and the needs of the child. This can quite easily be achieved by providing them with 3 piggy banks or moneyboxes - one for spending, one for saving and one for donating.
5. Avoid borrowing money wherever possible. It is always much harder to repay money that has been borrowed, than to save your money. Some loans, such as home loans, tend to be unavoidable though. A good rule of thumb is if you don't have the cash to buy it, you can't afford it!
6. Money isn't your best friend so don't let it control your life. Quite simply, try not to become so over committed with your finances, that you are forced to work 60 to 70 hours a week to continue the lifestyle. If you do, then you are letting the money control your life. You don't usually need the fancy car (and car loan) or overseas holiday (and personal loan). All these things are nice, but only if you can easily afford them!
7. Show them how to budget and live within their means This is one of the most important skills that your child must know, that so many people don't seem to know how to do. Recent surveys have shown, that many people are spending 10% to 20% above what they earn. They are earning enough money to fund their lifestyle, but they simply aren't budgeting it, and so are wasting large amounts of money each week.
With these seven lessons under their belt, they will be off to a great start, but there are many more money skills that your child will benefit enormously from learning. To learn more, visit the Kids Money Tips web site.
Our own wounded emotions caused by divorce are most harmful if they reach our children. One of the most sensitive areas where this can happen is for our children to hear us talking down about their other parent. They should not be made to hear their other parent blamed as it causes them inordinate emotional pain.
Please remember that this ex is the one you yourself choose to love and care for, with all of their faults and strengths, through sickness and health as long as you both were alive. That's when you learned precisely what that meant. You created children inside that union. A new decision was later made and you got a divorce.
Your kids have no blame at all for the faults either one of their parents have. It is not your children's fault that you have thus and such failings. It's not wise to deny them either. All children are capable of hearing the truth; for example, if Dad is spending too much of the bill money on beer or if Mom is with yet another man. It can be said factually, without blame, and your kids won't have emotional bruises just because you do.
To deceive your children will only cause them pain and stunt their growth. When their mother spends the early years of a divorce talking down their dad, they would naturally begin to come to his defense. Ultimately, they would still come to the same conclusion; it just would have taken longer and caused more pain. Alternatively, if the mother covered up his faults and made something more of him than he was, she would also have been deceiving her children and that would stop their growth into maturity.
All children, whether coming through a divorce or not, ultimately come to realize that their parents are just human beings. It's often the situation that parents, whether they are getting a divorce or not, just don't set the best role model examples and often model how NOT to be.
As your children grow older, they will see more and more how their father lives his life and their mother lives her life, and they will naturally gravitate more and more toward the most comfortable style of living - the one where truth lives. The Reverend Martin Luther King had it right "The truth will set you free."
Stop and think about this example. When you are raising children, you have a lot of choices to make about a lot of things: you could be upset with your ex; you could call him on the phone and yell and him; and you could talk badly about him in front of your children. Would it change him? We all know it wouldn't change him one bit. Fortunately for you, you understands that, so you can choose not to waste your energy trying to change what you cannot change. You're not a martyr about it and you're not looking for credit. You just simply keep marching, one step at a time, towards your goal: raising healthy young adults.
I have a good relationship with my two daughters, but I have also encouraged them to have a good relationship with their mom. I don't candy coat it. I don't cover up her issues. We talk openly and honestly about things. I simply didn't want my children to grow up to be selfish or self-centered.
Once again, take the long view. This is really important. It's not a competition. Children will not win if mom and dad are competing for them.
Both Rachel Incoll & Len Stauffenger are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.
Rachel Incoll has sinced written about articles on various topics from Parenting, Family Concerns and Kids and Teens. Rachel Incoll is the author of . She has helped show thousands of parents how they can teach their children how to mana. Rachel Incoll's top article generates over 1600 views. to your Favourites.
Len Stauffenger has sinced written about articles on various topics from Bathroom Home Improvement, After Divorce and Health. Len Stauffenger's parents taught him life's simple wisdom. As a divorced dad, he wanted to share that simple wisdom with his girls. "Getting Over It: Wisdom for Divorced Parents," his book, is the solution. Len is an author, a Success Coach and an Attorne. Len Stauffenger's top article generates over 110000 views. to your Favourites.