Comments on: 4 Practical Money Skills You MUST Teach Your Children

By: Joseph Patterson

Joseph Patterson — Fri, 15 Jul 2016 06:20:10 +0000

Great article.

We usually buy products/services after we have the money and we don’t delay the payment. Most reoccurring services are set for auto-payment.

This proverb has helped relieve much stress:
Do not withhold good from those to whom it is due,
when it is in your power to act.
Do not say to your neighbor,
“Come back tomorrow and I’ll give it to you”—
when you already have it with you.

“Show children where you file paper bills until it’s time to pay them, and include them in putting bill pay reminders on the calendar. ”
If we did this but have an emergency or interruption (our son is due anytime now), who will check the mail, collect the bills, get the stamps, mail out the payments? Isn’t it cleaner, simpler, safer just to pay as you go?

Great Article.

By: inyzah pressley

inyzah pressley — Mon, 11 Apr 2016 12:44:08 +0000

In reply to Ebby Jane. that is very good for you and your children.

By: Craig Dalimonte

Craig Dalimonte — Sun, 13 Dec 2015 15:32:34 +0000

Looking get my child to put money away for his future.

By: Natalie @ Financegirl

Natalie @ Financegirl — Sun, 10 May 2015 23:32:28 +0000

I think the more parents make it part of their responsibility to teach their kids about finances, the better off the kids will be with money (regardless of career path). And like you said, even if you never were great with money, there’s still a duty to teach your kids good financial skills. What better time to start than when you have kids? I can’t imagine a better motivating factor.

By: My Wealth Desire

My Wealth Desire — Mon, 11 Feb 2013 12:47:17 +0000

I agree with you that budget is a must to control your overspending and at the same time to monitor your expenditure.

By: Chad

Chad — Wed, 30 Jan 2013 05:53:44 +0000

If you can nail steps three and four, you have done pretty well. Most grown-ups struggle with these two. My four year old daughter knows the basic concepts of currency and that it has value. (yes, she likes doing chores for money) I also intend on teaching her technical analysis as soon as possible:)

By: Anita

Anita — Mon, 28 Jan 2013 15:29:52 +0000

Most of us try to teach our children the things they need to know to go out into the world and be productive adults. Sad to say there are young adults that can’t make change or even write out a check. I also think there should be mandatory classes in the schools that teach finances. If parents aren’t going to teach their children, someone needs to. Very good article, an article all parents need to read!

By: Kevin B

Kevin B — Mon, 28 Jan 2013 01:32:55 +0000

Great ideas! Thanks so much for taking time to share about investing in your children. I wish we could clearly grasp how important child rearing is. We rarely think of how important simple things such as teaching about money are in raising up the next generation!

By: Rob @FinancialSprout

Rob @FinancialSprout — Fri, 25 Jan 2013 01:25:43 +0000

The saddest thing to see today is teens who can’t count change, or even read analog clocks. My parents did a great job of teaching me how to count money, so that wasn’t a problem. The bad part is that we were barely taught how to count money in school. It wasn’t until I took Accounting in high school that my teachers really even talked about finances. Its quite sad, I think financial classes should be mandatory in school.

By: Ebby Jane

Ebby Jane — Thu, 24 Jan 2013 17:53:56 +0000

I taught my kids money management by turning the grocery budget over to them when they were still in grade school. I gave them the circulars to our (2) local grocery stores and our biweekly food budget (all fifty dollars of it). They learned meal planning, money management and frugality. They also learned that living on eggs (we have chickens) and pb&j sandwiches can be done, but careful planning can provide for a much better dining experience. They are 25 and 28 now and (mostly) make good financial decisions. They also had household chores and a very small allowance. To supplement their income they started their own housecleaning business as soon as the oldest got her driving permit. Saving 75% of their income allowed the oldest to purchase a nice used car, with cash, when she hit 18. Parents need to teach children their own values on money, or they will pick up bad habits from peers, television, etc. They will stray from your lessons when they first leave home, but will have the skill set to become financially responsible adults.