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Teaching Your Children About Money Management

Teaching your kids about money management helps them develop lifelong money smarts. But, it's difficult to teach your kids about budgeting when you're having money problems yourself.

Your first step in making your children money savvy is to give them a good role model. Teach yourself about personal finance and then demonstrate your good spending habits to your children so they will learn the same habits.

Most children haven't been taught the basics of money management, so it's not surprising that over 120,000 young adults under the age of 25 filed for bankruptcy in 2003. If kids don't learn solid money skills at home or school, they are on the path of having financial problems throughout their adult life.

How can you help your kids avoid this dismal statistic?

1. Talk about money in your home; don't make it a taboo subject. Discuss any money problems openly and how you can overcome them.

2. Give your kids regular allowances. If they're going to learn how to manage money, they will need to have some. You can give them money as an "allowance" or as payment for household chores. The amount you give your child will depend on his age and maturity level.

3. Teach your child basic skills by using his "income" as an example. Have him list expenses over a month, such as school supplies, clothing, school lunches and treats. It doesn't have to be exact, just a reasonable estimate. Once you have the list, show him the difference between necessary and unnecessary expenses. Finally, help him decide on the best ways to spend - and save - his income.

At what age do you start teaching kids about money? Early. Pre-schoolers can learn about the different coins and, for instance, how many nickels equal a dime, etc.

Play "store" with children aged 5-8 to teach them how to make change. Use real money to buy items you have marked with prices. Also teach them that you don't just take money out of the ATM machine but that you must deposit money into it as well. This is the age to take your child to the bank to open her first savings account.

9-12 year olds can learn different ways to save money, from "shopping" for lower priced items to using coupons to lower the cost. When you see advertisements on television, discuss how the ad tries to influence them in what they buy.

Teenagers between 13-16 can be put in charge of buying the family groceries - with supervision, of course! Give your teen the list of items to buy, an amount of money to spend and have her look for coupons and ads in order to get the best prices.

Youngsters over 17 can get jobs after school and weekends. This will teach them that money must be earned...that they won't automatically "get" money when they're out on their own.

When your teen is ready for a car, help him research the costs of automobile ownership: the cost of the car itself, gas, maintenance and insurance. Then, help him find ways to save for those expenses.

Teaching children about money management throughout their childhood will give them the confidence they need to manage their personal finances when they reach adulthood.

Jude Wright is the author of "Keeping a Budget." Learn the the skills you need to manage your money. http://keepingabudget.com.

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