2007-11-26 09:52:18 · 5 answers · asked by Calla 1 in Education & Reference ➔ Teaching
When I was a teenager, my dad gave me a saying that has stuck with me for almost 40 years now.
"When your outflow exceeds your income, your upkeep becomes your downfall"
As simple as it is, my dad knew what he was doing when teaching me about money. I think of this almost every time I consider buying something that is not in my budget. Over the years, it has saved me a bunch and I have passed it on to my kids hoping for the same for them. Whether it helps them considering their spending habits, is yet to be seen.
2007-11-26 10:08:31 · answer #1 · answered by advnturer 6 · 1⤊ 0⤋
Probably the best method I've seen used is actually to give your child freedom to do their own finances, with close monitoring from parents. They should get their own checking account and debit card and be able to track expenses all on their own.
Ask them at random times how much money they have available. If they can't answer you quickly by going to their budget or transaction register, then you probably need to sit down and discuss how to track expenses.
What often is a "wow" factor with kids is seeing how much their money can add up if they don't by cheeseburgers and smoothies every day. Translating that dollar figure into something tangible (like an iPod or even a car) can definitely help too.
Also try doing a dollar-for-dollar match if your budget allows. If they get good grades on their report card, for the rest of the quarter, you will match every dollar they put into savings. Great way to persuade kids to save!
2007-11-26 10:10:57 · answer #2 · answered by Harold R 2 · 1⤊ 0⤋
when i taugh 5th grade, my students earned fake money for things like doing all homework on time for a week, behaving well with a sub, etc, etc.
at the end of each week, they had to put 20% of their money in my fake bank that earned a 10% interest rate. they could use the rest of the money to spend in my school store each week. they could also deposit more than the required 20% in the bank, if they desired.
at the end of the year, i had a HUGE school store, and wrote them each a check for the amount they saved (including interest) and they got to spend. those that saved a lot of money were able to buy whatever they wanted.
it was a nice lesson for all, because even those who didn't save as much, were able to see what the other students were able to buy with their savings.
2007-11-26 11:19:25 · answer #3 · answered by annie41378 5 · 1⤊ 0⤋
I recommend checking out some of the teaching ideas provided on Dave Ramsey's website. www.daveramsey.com/etc/cms/kids_teens_money_5195.htmlc
2007-11-29 22:19:55 · answer #4 · answered by Photo Girl 3 · 0⤊ 0⤋
Give 'em very little money, and let 'em starve if they blow their lunch money on other junk.
An empty belly is usually the best teacher....
2007-11-26 09:56:23 · answer #5 · answered by Anonymous · 0⤊ 0⤋