The first place to prevent life destroying debt should begin with your children and grandchildren. There is no better way to prevent debt than to have enough money to buy all you need with cash.
Teach your children how to save money at an early age and you will save them a lifetime of heartache. By starting this vital training during childhood it will become nature to them in their adult life.
You will find 5 tips below on how you can teach your children to save money from an early age:
1. Start by teaching children the meaning of money. As soon as they can count they possess the ability to grasp the meaning of real money. Be consistent, simple and creative with your lessons. This will help them remember what they have been taught. For example you can look at a favorite toy catalogue with them or even take them to the store and let them see that the prices on the toys represent real money needed if they want to purchase th e toy. Encourage them to save towards a toy they liked. Help them make a simple budget based on their allowance. Setting so much of it aside in a special savings for this toy. They will begin to see that money is something worth thinking about and organizing towards their needs and wants.
2. Help them understand the value of saving money. Explain its importance and how it will impact their life. Always be ready to answer their questions about money. The best teacher is experience if you are practicing good money management they will be much more receptive to learning how to do it themselves.
3. Give them their allowances in different denominations. Showing them the value of each so they will learn the differences and further their understanding of the value of money.
4. Teach them to work for money. Whether you do this by a weekly wage / allowance or pay them for individual chores around the house it will teach them that money is something they get in return for their work efforts and should be respected and spent intelligently. If they don't do their chores they don't get their money sending them the clear message - no work no wages.
5. Teach them to sav e money. Give them piggy banks where they can put coins and wait until they get full. Open a bank account for them and let them deposit money from their allowance on a regular basis. Then keep them motivated by showing them how much they have saved and any interest it has earned. This will help to further their education in managing and organizing the income they generate.
Teaching your children and grandchildren how to save money will be a life long process requiring patience and imagination from you. But it will be worth every bit of the effort.
Sincerely, Debbie Ducker
iAutoblog the premier autoblogger software
No comments:
Post a Comment