Entertain Your Children – Entertain Yourself

playing with kidsOne of the challenging aspects of raising children aside from teaching them money management for kids is keeping them entertained. They easily get bored in the things they do and they usually want your attention if they start feeling this way. If you don’t know how to entertain your kids with their own activities, you will surely end up distracted in your own tasks.

But entertaining children can be a fun time for you too. This is surely a great way to bond with your kids and a nice time to indulge the inner child in you. I found a great site with tips on entertaining children. Listed here are a couple of activities that you can do with your children. Check them out and have a great time with your kids!

Credit Cards for Teens? Talking Points for Avoiding Materialism BEFORE Your Kids Get Credit

In today’s world, credit cards for teens is not an uncommon thing. However, before your kids get to that age and especially before they ever take out credit, consider sitting down to some of these discussion points with them.

“If our home was on fire and you could only take one thing, what would that be and why?”  This can start a discussion on what really makes a “thing” valuable and it’s almost never how much that thing cost.

“If you could offer a gift to everyone in the world, what would it be?” Not only will this question spark your kids’ generosity and sense of charity, it also gets down to the nitty gritty about the truly important things in life: clean water, enough food to eat, a safe and peaceful place to live, etc.

“If you could invent anything you wanted what would it be and why?” This will help underscore the old adage, necessity is the mother of invention. Creativity is most successful when it fulfills some need. Also allow this to start a conversation about entrepreneurship, explaining how in today’s world people have more opportunities than ever to create something truly meaningful and successful.

Each of these questions is a great talking point for kids of any age. Once the discussion is on a roll, bring in the subject of credit and debt, how it can be used effectively to build wealth but also how it can destroy one’s financial standing. Be sure your kids know what they’re getting into before allowing them to sign up for one of the many credit cards for teens.

Teaching About Money – Three Steps to Getting Your Family’s Money Message Clear and Keeping it Positive

One of the most useful things you can do, either with your spouse/partner or on your own if you’re single, is to have a clearly defined and agreed upon message about money. Before teaching about money to your kids, having a pre-set message will help you to be consistent in what you teach your kids. The goal is to have them come away with a positive message about money and wealth.

1. Balance – While having lofty goals might serve to make more money, sending a message that money is the only thing that matters can be a dangerous one. Take an honest look at how consumed you and your spouse are around money. In cases where there doesn’t seem to be enough money, this can be especially difficult.

2. Usage – How money is used is another important element in your money message to your kids. Be sure your kids understand that using money just to buy things to ‘fit in’ or impress others is always a losing proposition.

3. Management – This is a pitfall for parents from all different socio-economic backgrounds. Especially given today’s economy, many households are struggling to make ends meet. Set a good example by spending an appropriate amount of time managing your finances while not letting it take up all of your time and energy.

Teaching about money and developing a clear message for your kids will give them a head-start to building a financial stable and abundant life for themselves in the coming years.

Kids and Money Series – Learning Goals for Ages 11 to 13

As our children get older, especially as they enter middle school, they should be having increasing responsibilities around money. Kids and money management don’t always go hand in hand at this stage. Use these milestones to ensure they are getting the financial education they need at their ages.

•    Encourage your kids to have money goals and help them keep track of their successes. Plan for a day trip for the family to a place your pre-teen wants to visit and create a budget with goals for that event.

•    Teach your kids about investing versus savings. Expose them to tangible and fun investments like coin collecting as a way to encourage learning about money growth and wealth building strategies.

•    Foster an appreciation for an entrepreneurial spirit. Have your kids look up young, successful entrepreneurs to share their stories with the rest of the family. Discuss what types of self-employment your child may be interested in pursuing to open the doors of possibility to them at their impressionable age.

•    Don’t forget to include charity in your kids and money education plans. Whether it’s paying tithes to your place of worship or volunteering at your local nursing home, discovering the true value of what is really important in life should be included in everyone’s financial education.

Kids With Money – Avoiding the Traps of Parenting in a Prosperous Household

If you’re raising your children in a prosperous household, chances are you worked pretty hard for that money. Someone may even have taken the time out to teach you how to build real wealth. Surely you’ll want to teach your kids those same lessons. But raising kids with money comes with its own set of challenges. Follow these guidelines to avoid some of the pitfalls.

1.    Give your children a set allowance and take care not to waver from that. If they want to buy a $300 handbag, they’re going to have to save up for it.

2.    Before your children make any big investments with their money, like that $300 bag, sit down with them and have a discussion about investments. How much is that bag going to be worth in six months when another new designer comes along?

3.    Create your own “mutual fund” where everyone studies different investment strategies (stock market, precious metals, oil, real estate, etc.) and track how they perform over a week or month’s time. Using play money, pay in for wise investments and penalize bad decisions. Let them cash in their earnings for various privileges or treats.

4.    If you are a business owner or entrepreneur make sure your kids understand your story and how you got to where you are today. Take them to work with you or, if you work from home, let them be involved in the business somehow. Encourage them to develop their own interests but instill in them the same entrepreneurial spirit you possess.

5.    Have your kids donate a portion of their allowance or earnings to charity. Help them research and select their own places for donations and discuss the inequities that exist in the world, encouraging a true appreciation for financial stability and wealth.

Raising kids with money and affluence does come with its own sets of challenges, but also with many rewards and opportunities. Don’t forget to pass on your wisdom to your kids, they’ll be grown up and on their own before you know it.

Teaching Kids Money Management Starts at Home – 5 Tips on Handling Allowance

One of the best tools I have as a parent to teach my kids money management skills is an allowance. I’ve found that if given with instruction and discussion, an allowance can open the doors for understanding some of the more complex and abstract concepts around money.

Consider using some of the following five tips to help provide your kids with a great foundation in financial education:

1.    Have your child set aside a small portion of their allowance for charitable contributions. 5 to 10 percent is reasonable and will start them on the habit of “paying it forward” at as early an age as possible.

2.    When your child asks for something, a new toy or a trip to the movies, set up a goal chart for them and encourage them to set aside their allowance towards that goal. Be sure to help them succeed so they are exposed to the idea that setting goals and working to achieve them really does work.

3.    Don’t reward their good behaviors with monetary rewards. Let their good deeds be their own reward. If your child begins to get the idea that money or other rewards can be used as blackmail, you’re in for a long (and expensive) adolescence with them.

4.    Encourage your children to read about young entrepreneurs and to find ways they themselves may adopt that entrepreneurial spirit. Now more than ever, being able to be self employed and self sufficient is a priceless lesson to provide.

5.    If you were raised in a household that never had much money, be extra careful not to try to compensate for that by giving your kids too much. This will not do them any favors nor will it rectify anything that you feel you missed out on. Instead, teach them how they can work towards achieving their dreams and allow them the chance to really succeed on their own.

Money Management for Kids – 3 Quick Tips to Help Your Children Get the Education They Need

money management for kidsSo many of us never really received anything resembling a financial education. Because of this, most parents simply ignore the need for teaching money management for kids. Don’t let yourself be one of these parents. In today’s tough economy, kids need to become educated more than ever…and if many of us had been taught when we were kids, we might not be in this global economic mess to begin with.

Here’s a few ways to get kids involved in money management:

1. Sit down with the children each week and go over the household budget. Show them each type of income and expense. Depending on their ages and math skills, let them do some problem solving regarding the budget and reward them for successful financial planning.

2. Find some ways to play money games with your kids. Using play money, teach young children the value of each coin or bill and explain what money is used for: to buy things. With older children, consider playing The Cashflow game. This game, developed by financial guru Robert Kiyosaki, teaches children and adults solid wealth-building strategies.

3. Encourage your children, no matter what their ages, to keep a dream board. Have them cut out pictures from old magazines, print things out on the computer or, better still, create their own artwork representing what their dreams are. Keep an ongoing dialog with your kids about their goals, values and dreams when it comes to creating wealth in their lives.

Using these techniques to help you teach money management for kids is a great start for families of all ages.

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