My baby is only a few months old but I want to learn how to teach her about finances and budgeting before I need to. I wasn't taught how to budget and I still have problems with it and I really want to teach my daughter the best way to handle her money when that time comes. Any ideas or creative ways of teaching her about this?
2007-01-05 01:21:31 · 7 answers · asked by Anonymous in Pregnancy & Parenting ➔ Parenting
God bless.
2007-01-08 16:34:30 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I have three boys, ages 6, 8 and 10, and I also want to teach them to be financially responsible. Here's what we're doing:
Each boy has three piggy banks, labelled "Spend", "Share", "Save". Each week, they get an allowance ($0.50 per year of age), and they have to divide it among the three banks. A minimum of 10% has to go in the share bank (which, when it gets full, we donate to a local charity). A minimum of 15% has to go into savings, and the rest can go into spending. Once the savings bank is full, they put it in their bank accounts.
If they want to spend money on something when we go out (at the toy store, dollar store etc), they have to use their own money. I let them buy whatever they want, as long as they have enough money for it (including the tax, which in my area we have a 14% sales tax). If it's something that I know is a piece of junk and will break in a day, I don't say anything, I just let them learn their lesson.
Now, wouldn't it be nice if they each had a "Tax" piggy bank, and I could collect some of my money back for the smooth operation of the household (infrastructure), homework help (education), kissing of boo-boos (healthcare) etc?!?!
2007-01-06 01:20:06 · answer #2 · answered by pianogal73 3 · 0⤊ 0⤋
Teach her now by example. Now's the perfect time to get your act together so that when she is old enough you can speak from experience. Use your words, never joke about money, never use words like "broke, strapped, etc." as they are negative and money is a positive thing. Use cash, not the atm card. When she's older, do math with her, teach her how to make change, give her an allowance.
2007-01-05 09:29:48 · answer #3 · answered by Lyn 6 · 0⤊ 0⤋
As soon as they were able to start helping around the house they were given money for it, paid. Then, on going to the store they had their own money to spend and when they ran out they got no more unless they earned it. When we went on trips they were encouraged to save prior to the trips and were paid bonuses for helping to prepare for the trip. The even were paid a vacation pay. It was a lot of fun and the kids really got into it. They learned quickly how to save for something they wanted and how to not spend money on useless junk. They made lots of mistakes because we would guide them but never tell them what they had to do it it. Over time they became very good at deciding what was worth the cost and what wasn't.
2007-01-05 09:34:57 · answer #4 · answered by Anonymous · 1⤊ 0⤋
Play shop. Get some of her toys or just general stuff and ask her to come to the 'store' and buy things from you. Give her some money before hand and then tell her how much things are and so on. Make it fun so she'll enjoy learning without knowing she's learning.
2007-01-05 09:30:12 · answer #5 · answered by Anonymous · 0⤊ 0⤋
start a savings account. When the baby gets older and can understand give them an allowance. Bring them to the bank and tell them they have to put part of the allowance into the account.The same thing would go for cash gifts they get. Save part,and spend part.
2007-01-05 09:32:22 · answer #6 · answered by nj2pa2nc 7 · 0⤊ 0⤋
http://www.360financialliteracy.org/Life+Stages/Childhood
Check this site out...it should help! Good luck!
2007-01-05 13:46:56 · answer #7 · answered by wyattj23 3 · 0⤊ 0⤋