Whether we like to admit it or not, we are our parents…the good, bad and the ugly. Let your children learn from your mistakes instead of repeating them by having an open line of communication about money and personal finance. Here are some resources and tools for raising your children with positive money values.
Sample Allowance Contract - Encourage a work ethic and allow your child to make smart choices with the money they earn.
Moneywise Kids - This game looks pretty fun for the geek in me. It contains two simple and fun games that help kids understand how money works, in terms of dollar value and spending power.
My Money - The Federal Government’s website dedicated to helping Americans understand more about their money – how to save it, invest it, etc. (Maybe the government should read this too)
Some other Money Teaching Tips and Ideas
- Determine the right age appropriate allowance.
- Send the right messages through your own spending habits.
- Buy your child a piggy bank or open a savings account.
- Try not to talk about money negatively in front of your children.
- Talk about investments and the stock market.
- Don’t miss an opportunity for a money teaching lesson.
- Discuss the value of what you are getting for your money.
- Go over sales flyers and find the best bargains.
The dip in the graph was from moving and Christmas expenses. The majority of the debt are student loans which I’ve actually deferred until next year since there is no penalty or negative impact on your credit report. That allows me to pay higher interest debt off first and the chance to make interest free payments on my student loans which is VERY nice. All that matters is that I finally don’t feel over my head anymore and can see the light at the end of the tunnel!
