Remember Little Eyes Are Watching-As many people believe, many behaviors are learned at a very young age. Your children are watching you and learning everyday from your daily behavior. So when they see you spend carelessly on credit cards they are under the influence that if they want something they should purchase it immediately. This bad habit could lead to years of debt for you and them.
Create a Budget- When you create a budget, you are able to understand where your money is going on a visual aspect. By budgeting you are allocating yourself certain amounts of money for different aspects of life. You are also teaching your little ones that planning for the aspects of life are crucial for saving for the future.
Save, Save, Save- Saving cannot be stressed enough, when you save you are simply planning for a rainy day. When we don’t save we charge life’s unexpected perils and end up paying for new tires two years later. Invest in your children’s future and start saving for their college. You can also teach your children to save for the items that they want. By not giving in and buying your kids whatever they want the minute they want it, you are teaching them a valuable lesson about saving.
Set Goals That Are Meaningful- Now is a great time to sit down with your children and talk goals. Meaningful goals. Help your children put together a plan on working toward and saving for something significant. It could be a bike, musical instrument, laptop computer or go-kart. The more meaningful the item, the harder our kids will work to earn it and they will take care of it.
No More Hand Outs- Start the month off right by deciding that you are not going to just shell out money to your kids anymore. When they come to you looking for money, let them know that they will have to work for it. The bank is now closed unless they start pulling their weight a little more around the house. Tying work and reward together in some meaningful ways will help them understand responsibility and accountability. It will also help them understand that in real life, no one ever gets money for doing nothing.
Gregg Murset is a financial planner and CEO of MyJobChart. MyJobChart.com, based in Scottsdale, Arizona, is a free, easy to use, online and mobile job chart and reward system designed to teach, organize and motivate kids to earn, save, share and spend responsibly. Bringing together the latest technology and basic personal finance principles to help parents teach their children responsibility, accountability and how to manage money wisely. Over the past two years, MJC kids have completed over 19.5 million jobs and earned nearly $3 million. MyJobChart.com can also be used through its Apple and Android mobile apps, allowing parents and kids the opportunity to save, share and spend from anywhere. For more information, visit www.myjobchart.com.