Teaching our kids financial responsiblity can help them to avoid very costly mistakes in the future. Many of us are not equipped or have all the tools to teach.
In honor of Dollar Day, August 8, I've listed my picks for great family financial teaching tools. I'm very impressed with Family Bank. This program grows with your children. Even teenagers will benefit from keeping an expense account and budgetting. You and your kids will learn about paying yourself first, applying for loans, having and keeping a budget, giving to charity and much more. ht
You can get an overview of the program at their FAQ site. The short videos are user friendly, clear and detailed. The catagories are broken down into Kids and Parents' view. You will definitely have a good idea if this is the program for you before purchasing.
Another site that is very popular is Kids Money.org. The site offer links to other kid money sites. There are also articles on setting an allowance, ways for kids to make their own money and much more.
************************************************
We set Marcus up with a savings account on his 13th birthday, this year. We transfer his allowance into his account once a week. I realized that we needed to teach Marcus spending habits when I looked at his balance. He had been taking withdraws for food and beverages. We will be restricting his withdraws this week.
No comments:
Post a Comment