I believe that children should learn the responsibility of money at a very early age. They need to find saving enjoyable, what it can buy, childish pleasure, to share, and to give. It can be quite amusing to see how proud a child can be when he can buy something with his own money.
Dynasties like the Rockerfeller, Getty’s , Johnson & Johnson families, teach their children at a very young age about value of money, even though to us they need not, as they have many millions and more. Very rarely will you ever hear them discuss money publicly and the same with the children. They learn not to waste it and become very shrewd business people very early in life.
Our children also need to learn that money has to be earned, not just given, unless it is a gift of course. A child does not seem to get the same pleasure if it has just been handed to him or her.
I am of the conviction that the young generation of 2010 will need to learn to save as a lifestyle. The countries economy will be a little different than it was for the “Baby Boomers.” The country has a large debt, which means money will not be as plentiful as it is today.
There are many ways that children can save, some are explained in the “Teach Your Kid To Save” article.
I believe that they can also make a business for themselves. An example of this is my 11-year-old grandson Jayden. The neighbors have horses and they pay him to clean the manure from the paddocks. He then bags it and sell it at the gate for $2 a bag. He goes to the bank every Monday and banks at least $50 a week. He keeps a little for himself to spend and the rest saved. I observe that the more that he is saving the less he is spending on unnecessary things. He love to see the bank balance grow.
My 8-year-old Granddaughter, has a horse and needed to buy a saddle for her horse, so she picked up manure and sold the bags to Jayden to pay for the saddle. Mika has jobs around the yard that she gets paid for so that is how she makes her pocket money.
I am very proud of them both but of course that nurturing has come from their parents and a little from their Nana.
There are many ways children can make and save money other than chores. If they have a particular talent that they can make and sell, that also can be encouraged. There are many weekend markets that they can sell their wares.
There are games that can teach children about buying and selling, what is an asset, what is a liability. Such games are: Monopoly Junior Edition and Rich Dad Cashflow for Kids, by Robert T Kiyosaki. Turn off the TV a couple of nights a week and have the family play these games. It will be worth it.
I need to plug my own book here, too! Simply Fantastic – Living Better On Less. I wrote this book with the intention of helping families get out of debt. I could see that a lot of people are drowning with money problems.
It’s simple to read, gives everyday saving ideas, a lot we know about, but may have forgotten. Hopefully every-time you go into the supermarket some of my ideas will spring into mind.
It is also a book that every teenager should read, because it seems that’s when that major debt thing begins. It begins because their parents are apart of a generation that takes debt for granted. Debt cannot be taken for granted anymore. It will destroy a Nation and our kids need to learn to protect themselves.
If you have children, teach them the value of Saving.
Because if you don’t do different nothing will change.