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Children need to learn financial responsibility because we live in a money centered society. Without this skill your children will flounder. Financial irresponsibility affects most areas of our lives from marriage to buying a home. Here are some ideas to help you. 1. Set an example. Your kids watch you all the time. One day when I was putting gas in my vehicle my 5 year old son started to lecture me about using credit cards. You probably use some kind of card also when you fill up at the tank and yet like me you have most likely told your children that credit cards can cause many problems. Credit cards are tools but like a hammer they can cause damage if used incorrectly. 2. Start while kids are young. We have a tendency to put things off with our children partly because we feel they are too young. With money, you can start teaching your children when they are between 3 and 4 years of age. 3. Set a budget. Budgeting is a very useful tool for any family. Many children think there is a "money store" where you go to get money and there is an unlimited supply. When teaching your children about money you can talk about the family budget and how it helps you control how you spend money. 4. Delayed gratification. When your child sets their heart on something they really want sit down with them and develop a plan for how they can earn the money. If you just give them what they want every time they have a notion your children will not learn the value of money. Teaching children to learn while they earn is a gift from you to them. 5. Comparison shopping. When you take your children shopping it is probably a trial for you. Something I have done is I tell my children to find me the best price on certain items. You can even get them little hand held calculators and teach them how to figure prices based on ounces. You will be surprised how this will turn your shopping experience around. 6. Stock market. Whether you know it or not you are investing in the stock market. If you have a savings or checking account then right now part of your funds are invested everyday. Get some books from the library or use the internet to start educating your children about the world markets. So many things are in the news and your children will become very money savvy. Teaching children financial responsibility is a gift you give to them. Money is a tremendous tool but it can also be abused if used incorrectly. Show your children how to be financially savvy by setting a good example and sticking to a budget. Take your children shopping and have them help you make purchases. Do not just buy anything they want but help them earn the money.
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