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Saturday, July 28, 2012

Teaching Our Kid's About Money

It's best to teach kid's about money earlier than later.

Children usually learn the concept of money before they are able to even do basic math. Afterall, they see us get money from the bank machine and hear us discuss costs and bills. Plant the seed of financial awareness early!

Teach your child the difference between a nickel and a quarter. How to present enough money to cover a purchase and how to count their change.

Teach your kid's that saving their nickles and dimes can mean a trip to the toy or candy store.

Explain the concept of parents working and earning money.

Consider starting an allowance by the time the child is age 10. Whether you associate an allowance with chores is a personal decision.  While some parents believe that it's important to make this connection, others feel kid's have a responsibility to help around the home regardless.

Be careful before you make an allowance commitment. You want to make sure you can keep your promise and that if fits within your financial situation.

Parents should take the time to teach children about money regardless of their income. Children who are not taught these lessons will pay the consequences for many years to come.

Be sure to include sharing, donating and community responsibility with financial lessons.

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