January is National Get Organized month and many of us have made resolutions to organize our finances. With just a little time and effort, you can also organize your child's finances so that your child can develop and practice responsible money management habits.
Generally the same theories and steps that we would take to organize our adult finances can be applied to our kids' finances. Kids and teens have income and expenses, just as we do. And, they can learn to keep track of their finances and analyze their habits, just as we should do.
Thanks Neo! Everyone enjoys a pat on the back occasionally!
come check out my new blog!!! Can't wait to see you there. I am shamelessly plugging myself in other's blogs!
An annoying popup caused me to close their site immediately I'm afraid so I didn't read it - one of my pet hates!
But I do wonder in all this what we are doing with our children. Let them be kids, climb trees, have friends and just say no to the iPhone 4S! They have enough to worry about with school work.
I absolutely agree that kids need to have plenty of time to just be kids. My kids play outside, ride bikes, read books, hang out with friends and play silly games. I do, however, think it is possible to still do these things while at the same time, learn about and incorporate financial literacy skills. The phrases "age appropriate" or "depending on their age" are very important. I don't think it is appropriate to have a 2 hour financial discussion with a five year old but it is appropriate to expect a 16 year old to know how to budget their own spending money. Each parent has to find the right balance for their child without adding extra stress.
Thanks for stopping by and sharing your thoughts, John. Looking forward to great conversations!
I need to organize my work desk at home and at work. Finances so far seem to be in order! :) Congratulations on your article being selected!
Thanks, Aloysa! I need to work on my desk too!
Great article and tips as usual. When I have kids I'm definitely checking your site on a regular basis for how to get my kids to manage money better. I always received an allowance and I was left to my own devices. I learned a valuable lesson about spending your monthly allowance in 3 days.
Sometimes learning from our mistakes is the best way, right?