Tuesday, September 02, 2014

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Teach Your Child About Budgeting Money

There are going to come times when you find yourself questioning your actions with your finances and what you give to your child, and although you don’t want to treat your kids like you’re a payday loan lender, teaching them about the ways of loans, both big and small is definitely beneficial to their future. Here are the top things that you can do to not only inform your child about the importance of money, but that will also teach them to basic concepts of money, and even how a payday loan works, without the loan, of course. These family friendly activities are fun yet educational, while benefiting both you and your child! Does it get any better than that?

ALLOWANCE

There is no better time than right now to teach your child about the importance of having to earn the things that they want, so whether you’re providing your young one with 25 cents per week, or $5 per chore, make sure that they do not get their allowance until a specific date or the completion of the task required. This will teach them that they can’t just have what they want without having to work for it. This is imperative to teach your child because nothing in life will ever come without a little bit of work.  How is this fun for your child? Well, they’re getting money

MATCH PURCHASES

If your child has been saving their allowance, and saving their allowance and still can’t afford to purchase that new toy that just came out, you can certainly help them out. However, you don’t want to just go ahead and pay the rest of the price tag that their allowance doesn’t cover. Instead, you’re going to become somewhat of a payday loan lender, and let them borrow some money. Now, it doesn’t have to be their future allowances in advance, although that is an option. Instead, you can loan them the money with the agreement that they have to complete a chore, larger than their usual, by a certain date. If it is not completed, each day will come with a penalty, such as taking portions of their allowance away. To ensure that you are acting similar to a payday loan lender, increase the amount more and more, as your child continues to essentially not pay to back as agreed. Just because it’s not with actual money doesn’t mean that your child won’t understand the pros and cons of opting for payday loans to help budget or other lending options similar.

That’s right! Bring your child along on the grocery shopping trip. It doesn’t have to be disastrous. Give them a certain amount and allow them to pick out their snacks for that week. Now, don’t go through it until they are done and let them go through the cash register on their own, with their money that you provided, as well as their items. If they don’t have the funds, they will have to put something away and will get the life experience of working harder to be able to pay for everything that you want. Don’t give in though, even if they’re a couple cents short!

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