Sometimes it’s hard to think past today, however it’s important that we think about the future. Not only do we need to think about our future, but we need to think about the future of our children. I always knew that I wanted to have children. I wasn’t sure how many I would have, but I knew I would have more than a couple, and we did. Another thing I always knew is that I wanted to make sure we always had money in the bank. It’s hard and you can’t always make that happen, but it is nice when you have a bit of a cushion to lean on for those times when something comes up. I don’t want my children paying for things that I have left behind when I am no longer here.
That being said, I believe it is very important to start while our children are young and show them how to manage money. Who says children don’t pick up on these things? If you don’t teach them while they are young they are going to think you can just swipe a card or run through the atm/bank and the money is going to automatically be there. We need to teach them that while that works, it isn’t exactly free money, and make sure they understand the value of a dollar.
I remember the time my oldest son asked us for a video game while at the store. The game cost quite a bit of money (I don’t remember the exact amount, but let’s say $80). When I looked down at the price tag I was shocked! I explained to him that $80 was way too much money to spend on a video game right now and that if he did stuff around the house maybe he could eventually earn it. (We believe in earning things and feeling good about our accomplishments to get what we want.) What shocked me the most is that my son looked down at another game and said, “Then can I get this one, it’s only $50!” Of course, my reply was, “ONLY $50?” At that point I realized that I had not exactly taught my children the value of a dollar. We sat down later at home and had this discussion. He did end up getting his game, however it was not that day, and he worked really hard to get it. If you ask him about the game today, he is very proud of having earned it, and he actually takes very good care of it.
We have also set up a free checking account for our boys. It is nice because we are giving them a chance to save money, but not only that, we are giving them the feeling of accomplishment. They love putting their money in the bank, watching it grow, and every now and then being able to take a bit out to buy something they work so hard for.
Banks are making it easier and easier to sign up for their free checking accounts. You can even sign up online at places like www.aurorabankfsb.com, which offer free checking accounts that are FDIC and have competitive interest rates, low or no monthly fees, access to your funds, and many other features that can help you accomplish your day-to-day banking needs.
How do you teach your children about money?
Do they work around the house to earn things that they want?
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