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The Budget Tip of the Day
Friday, February 22, 2008
Today's Tip: Teach Your Children How to Budget
In today's day and age, children seem to think that money simply grows on trees, and that a
bank is simply a place to go when you need to get some money. Concepts such as
compensation and earning a living are foreign to them. Since most state laws prohibit
children under the age of 16 from most labor, it is hard to fault them. After all, how can
they know about money when they aren't legally allowed to earn an income?
Granted, I have not set foot in an elementary or high school in quite some time, but when I
frequented the school halls, I don't remember personal finance being part of my school's
curriculum. Hopefully that has changed, but most likely classes about money are a one or
two day seminar geared to cram all sorts of information at your child. Unfortunately, what
happens most often is that they get overloaded and leave just as confused about money as
they were when they entered.
How many sixteen year-olds do you think know what amortization is? How many
adolescents know the steps to go about qualifying for a home loan? I know what you're
thinking...that's my baby - I don't want her thinking about that! But if they aren't at least
exposed to such concepts, they may go through the first three or four years of their adult
life thinking that there's no possible way that they could afford a home.
Parents and guardians who do not educate their children about money are doing a severe
disservice to their sons and daughters. Money is not a bad word. Trust me, there are
much worse words that can stir up quite an uncomfortable conversation!
I urge you today to sit down with your kids, young siblings, or even a child that you are
mentoring, and ask them if they'd like to own a home someday. Wouldn't that stir up quite
a conversation! Talk to them about monthly payments. Give them an idea of how much
they would have to make to afford those payments. Who knows, maybe it might lead to a
discussion about potential career paths.
Wow, look at me getting off target. My desire, and one of my goals by offering everything
on this website as an absolutely free service is to simply inform Americans. Let me just say
that one more time: everything on this website is an absolutely free service. Sorry,
that just sounds so good to say (hey don't blame me for advertising my own site). Ok,
back to business. Yes, earning a living is hard. But a couple smart thoughts can go quite a
long way. If we begin to plant those seeds in our future generation, they will have a better
chance of attaining what we've wanted for them since day one: a better life than what
we've had.
If you give your children an allowance, do they have to work for it? Are chores sole and
separate from their allowance? Are they expected to "earn their living" at home too? These
are all great questions to think about...
There are so many great places to start - you just have to pick which one! This is just
another way to make a difference in a young American's life. There are so many ways.
But if you let them leave "the nest" uneducated, the chances are...they might return for a
longer term stay!
Have you downloaded the free budget yet? Our free budget spreadsheet is updated for
2008 and features a monthly account tracker and budget form!
In today's day and age, children seem to think that money simply grows on trees, and that a
bank is simply a place to go when you need to get some money. Concepts such as
compensation and earning a living are foreign to them. Since most state laws prohibit
children under the age of 16 from most labor, it is hard to fault them. After all, how can
they know about money when they aren't legally allowed to earn an income?
Granted, I have not set foot in an elementary or high school in quite some time, but when I
frequented the school halls, I don't remember personal finance being part of my school's
curriculum. Hopefully that has changed, but most likely classes about money are a one or
two day seminar geared to cram all sorts of information at your child. Unfortunately, what
happens most often is that they get overloaded and leave just as confused about money as
they were when they entered.
How many sixteen year-olds do you think know what amortization is? How many
adolescents know the steps to go about qualifying for a home loan? I know what you're
thinking...that's my baby - I don't want her thinking about that! But if they aren't at least
exposed to such concepts, they may go through the first three or four years of their adult
life thinking that there's no possible way that they could afford a home.
Parents and guardians who do not educate their children about money are doing a severe
disservice to their sons and daughters. Money is not a bad word. Trust me, there are
much worse words that can stir up quite an uncomfortable conversation!
I urge you today to sit down with your kids, young siblings, or even a child that you are
mentoring, and ask them if they'd like to own a home someday. Wouldn't that stir up quite
a conversation! Talk to them about monthly payments. Give them an idea of how much
they would have to make to afford those payments. Who knows, maybe it might lead to a
discussion about potential career paths.
Wow, look at me getting off target. My desire, and one of my goals by offering everything
on this website as an absolutely free service is to simply inform Americans. Let me just say
that one more time: everything on this website is an absolutely free service. Sorry,
that just sounds so good to say (hey don't blame me for advertising my own site). Ok,
back to business. Yes, earning a living is hard. But a couple smart thoughts can go quite a
long way. If we begin to plant those seeds in our future generation, they will have a better
chance of attaining what we've wanted for them since day one: a better life than what
we've had.
If you give your children an allowance, do they have to work for it? Are chores sole and
separate from their allowance? Are they expected to "earn their living" at home too? These
are all great questions to think about...
There are so many great places to start - you just have to pick which one! This is just
another way to make a difference in a young American's life. There are so many ways.
But if you let them leave "the nest" uneducated, the chances are...they might return for a
longer term stay!
Have you downloaded the free budget yet? Our free budget spreadsheet is updated for
2008 and features a monthly account tracker and budget form!
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have no budget, no income, and
continue to provide a completely
free budget spreadsheet to the
general public!
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