It is a good idea to start teaching young kids the value of money. Everytime my son asks me to buy him something he saw on TV, my answer is always "We'll have to save money for that." It's not a good idea to buy them everything they want even though you can afford to. Whenever my daughter wants an item, she has to pay half of the cost herself. Even though I can get her the item, I don't want to do it. I want her to learn the lesson that to have something, she needs to save first. That's why she has her own savings account although she cannot get into this without my knowledge. It's an online account and I didn't ask for an ATM card. Having a card will just give her the idea that it is easy to take money out. Until she is old enough to be financially responsible, I will be the primary contact for this account.
Definitely a good idea to start kids early on money management. It will be a very valuable lesson that will help them for life! I wonder how come schools don't emphasize on this subject very much - no wonder so many adults end up with huge amount of debts!
ReplyDeletethis is very true. kids should be taught how to save money so that when they grow up, they will learn the value of money. my husband influenced me to be patient. whenever i want something pricey that we can't afford to get just yet, we don't go out of our way to get it in credit cards or financing plans, we wait and save for it so we can buy it in cash. i like it that way. we dont have to worry about huge credit card bills that we can't pay off full every month.
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