Did you know that on average, kids are exposed to 360, 000 ads by the time they graduate from high school? Yikes!
It’s no wonder they are always under tremendous pressure and influence to get their hands on all the newest fashion staples: the most stylish clothes, the hippest shoes, the trendiest hair accessories. In turn, parents feel the tremendous pressure to buy those things for them!
As most parents know all too well, sometimes it’s easier to just give in to what our children want than have to battle with them why they can’t have what they want. Yet on the other side, we also know that getting our children everything they want is not a good idea either. It's our job to help them understand why that's so.
The key is to help them appreciate what they already have… sounds so simple, but it’s no way simple when kids are directly targeted daily by media, even toddlers!
Try your best to make them understand how fortunate they are on a global level. Show them examples in your own community of people who may not be as fortunate as they are. If there are opportunities in your community for them to participate in programs to help the homeless, by serving meals for example, encourage them to join. Nothing beats a first-hand experience. Your kids will come back with a better idea of how less fortunate people live.
Such experiences will not only help them appreciate what they have, but it will help foster in them a sense of social responsibility. It will be very beneficial to them and to the world around them if they can begin learning at an early age to appreciate what they have and to share when they can, and give back.
Showing posts with label money. Show all posts
Showing posts with label money. Show all posts
Friday, August 13, 2010
Wednesday, August 11, 2010
Teaching Your Kids about Savings
Young children don’t usually grasp the general concept of money until somewhere between the age of 3 and 4. So they expect to get whatever captures their fancy and expect you to get it for them, like picking fruit from a tree. It’s there, and I want it, so pick it for me mom!
But you can begin teaching your kids early on the value of a dollar and the importance of saving money. According to WC Randall of Edward Jones Investment, take your next bank visit as an opportunity to teach them the concepts of a bank and what you are doing with your money. Make things simple. Take the following short explanation as an example:
The nice people that you are giving the money to are called “tellers.” Then when you give the money, tell them that this is called a “deposit.” The money you are depositing to the teller is placed in a “checking account” or a “savings account” to keep it safe. This is so that mommy doesn’t have to carry a lot of money with her all the time.
Explain to them that the money that stays in the savings account earns interest and becomes more money. Mommy’s plan for how to save and spend that money is called a “budget.” Tell them that if you follow this budget, you can be sure that there is enough money for you to use on things you need to buy and pay for. If you save more, it means you can possibly afford more in the future, like splurging a little on your budding fashionista’s No Slippy Hair Clippy collection!
It might not be easy for kids to grasp right away, but it will be helpful for them to become familiar with the words that are commonly used:
Deposit- to put money into an account
Withdrawal - to take money out of an account
Teller - the person who takes deposits and withdrawals
Savings Account - an account where money is left to accumulate interest and grow
Interest - the money earned by the money in a savings account
Checking Account - an account where money is deposited and that checks draw from
Budget - a plan for saving and spending money
But you can begin teaching your kids early on the value of a dollar and the importance of saving money. According to WC Randall of Edward Jones Investment, take your next bank visit as an opportunity to teach them the concepts of a bank and what you are doing with your money. Make things simple. Take the following short explanation as an example:
The nice people that you are giving the money to are called “tellers.” Then when you give the money, tell them that this is called a “deposit.” The money you are depositing to the teller is placed in a “checking account” or a “savings account” to keep it safe. This is so that mommy doesn’t have to carry a lot of money with her all the time.
Explain to them that the money that stays in the savings account earns interest and becomes more money. Mommy’s plan for how to save and spend that money is called a “budget.” Tell them that if you follow this budget, you can be sure that there is enough money for you to use on things you need to buy and pay for. If you save more, it means you can possibly afford more in the future, like splurging a little on your budding fashionista’s No Slippy Hair Clippy collection!
It might not be easy for kids to grasp right away, but it will be helpful for them to become familiar with the words that are commonly used:
Deposit- to put money into an account
Withdrawal - to take money out of an account
Teller - the person who takes deposits and withdrawals
Savings Account - an account where money is left to accumulate interest and grow
Interest - the money earned by the money in a savings account
Checking Account - an account where money is deposited and that checks draw from
Budget - a plan for saving and spending money
Monday, August 9, 2010
Explaining Money Matters to Your Kids
It’s a fact: we’re living in challenging times. But while we are struggling with our personal financial budget deficit, we can learn from it too. As parents, our natural instincts tell us to try to deal with it alone, and not involve our family, but as we try to shield our kids from it, they can easily see through our façade, and see what’s happening, at least our frustration.
Nobody is immune to the hardships of raising a family, and the financial stress that has been more apparent the past few years.
So this week, I wanted to give some helpful hints on how to have a talk about money matters with our kids, and about my recent experience with regards to money and budgets and my son Austin.
Though it’s difficult at times, it’s also a good reason to begin the conversation with our kids, even if when they are young. Children between ages 3 & 4 may be too young to understand entire concepts, but they can grasp general concepts, like buying something with money.
This weekend I went shopping for back-to-school clothes with my 16-year-old son Austin. (Now I do admit that boys are much easier on the pocketbook and less costly than teenage girls, so I’m feeling a bit fortunate about that!) My shopping experience with him was insightful and positive, and I wanted to share it:
I gave Austin a budget for our shopping event, and that was all I could spend. I wanted him to try to make conscious decisions, and make sure each purchase was what he needed, not necessarily what he wanted. So before we went off to Kohl’s Saturday, I asked him, what did he need most? He told me pants, shorts and some socks, and a jacket. I knew right away the jacket would put us over budget because he likes expensive brands for jackets, and besides, we live in California, and don’t need a jacket right now. So with that said, he agreed to put off purchasing a jacket for winter until September sometime. I was amazed that we came $9 under budget! He got exactly what he wanted, felt good about it, and we didn’t over spend.
Funny, he wouldn’t show me his jeans and shorts when he was trying them on, just that they all “fit” and not until we got home, did he model ALL his clothes! So that’s a 16-year-old's way of saying, I love my clothes! He also said thank you as we left the store, and I could tell he was very pleased. So I was pleased that he stuck to the budget, didn’t give me a hard time about buying more clothes (the “I want” list) and was satisfied with what he got.
How are money-related decisions made?
A chorus of “But Mooooom, all my friends have it!” should make it obvious to you that children want things and they want them now. It’s the instant gratification generation, and all that marketing via TV, Web, etc… makes it even harder for them to understand “You Can’t Always Get What You Want” like that Rolling Stones' song! It’s best to explain to your kids the difference between wants and needs and let them know that right now, the money you have is only for necessities. This sounds easy, but it’s not. My kids have finally gotten to the age where they do understand it better, but getting them there took a lot of patience.
Is the family on a budget?
You need to make it clear that your financial situation differs from that of other families, and that they should not compare. They may see friends who always have the latest gadgets and gizmos, and wonder why they cannot have the same. Let them know that at this time, your family is on a budget and money must be spent wisely for things the family needs, not what the family wants.
Nobody is immune to the hardships of raising a family, and the financial stress that has been more apparent the past few years.
So this week, I wanted to give some helpful hints on how to have a talk about money matters with our kids, and about my recent experience with regards to money and budgets and my son Austin.
Though it’s difficult at times, it’s also a good reason to begin the conversation with our kids, even if when they are young. Children between ages 3 & 4 may be too young to understand entire concepts, but they can grasp general concepts, like buying something with money.
This weekend I went shopping for back-to-school clothes with my 16-year-old son Austin. (Now I do admit that boys are much easier on the pocketbook and less costly than teenage girls, so I’m feeling a bit fortunate about that!) My shopping experience with him was insightful and positive, and I wanted to share it:
I gave Austin a budget for our shopping event, and that was all I could spend. I wanted him to try to make conscious decisions, and make sure each purchase was what he needed, not necessarily what he wanted. So before we went off to Kohl’s Saturday, I asked him, what did he need most? He told me pants, shorts and some socks, and a jacket. I knew right away the jacket would put us over budget because he likes expensive brands for jackets, and besides, we live in California, and don’t need a jacket right now. So with that said, he agreed to put off purchasing a jacket for winter until September sometime. I was amazed that we came $9 under budget! He got exactly what he wanted, felt good about it, and we didn’t over spend.
Funny, he wouldn’t show me his jeans and shorts when he was trying them on, just that they all “fit” and not until we got home, did he model ALL his clothes! So that’s a 16-year-old's way of saying, I love my clothes! He also said thank you as we left the store, and I could tell he was very pleased. So I was pleased that he stuck to the budget, didn’t give me a hard time about buying more clothes (the “I want” list) and was satisfied with what he got.
How are money-related decisions made?
A chorus of “But Mooooom, all my friends have it!” should make it obvious to you that children want things and they want them now. It’s the instant gratification generation, and all that marketing via TV, Web, etc… makes it even harder for them to understand “You Can’t Always Get What You Want” like that Rolling Stones' song! It’s best to explain to your kids the difference between wants and needs and let them know that right now, the money you have is only for necessities. This sounds easy, but it’s not. My kids have finally gotten to the age where they do understand it better, but getting them there took a lot of patience.
Is the family on a budget?
You need to make it clear that your financial situation differs from that of other families, and that they should not compare. They may see friends who always have the latest gadgets and gizmos, and wonder why they cannot have the same. Let them know that at this time, your family is on a budget and money must be spent wisely for things the family needs, not what the family wants.
Subscribe to:
Posts (Atom)