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Teaching your kids about money

How well do your kids understand money? Depending on their age, they may already know that money is what’s used to purchase the things we both need and want. They may also be aware that the more money you have, the more things you can buy. But, how well do your kids understand money?

Do they know about the benefits of budgets and saving money? If not, you may want to begin teaching your kids about money.

The Benefits of Teaching Your Kids About Budgeting & Saving

You may think that your children are too young to learn about creating budgets and saving money. However, you may be surprised at how young children can grasp the concept of savings. Children who learn about money tend to carry these lessons into adulthood. The earlier you begin teaching your children about money, the more likely it is that they will be financially smart adults.

If you want your children to have a healthy relationship with money, you should start teaching them basic personal financial concepts like saving and establishing financial goals.

Teaching Your Kids About Budgeting & Saving

Now that you understand the benefits of teaching your children about money, how do you actually go about schooling your kids on saving and creating budgets. Admittedly, it’s easier for older children and teenagers to grasp the concepts of budgeting and saving money. However, it doesn’t have to be difficult to teach young children these same concepts.

It’s not too early for a five-year-old child to begin doing chores in exchange for a small allowance. Explain to your child that they only receive an allowance for completing chores around the house. You can these use their allowance as a means to begin teaching them about saving. Decorate a jar with your child’s name and encourage them to save a part of their allowance for something that they really want.

This method makes it easy for young children to understand that saving money can ultimately get them the things that they want. As your child grows, you can increase their allowance and include them more in family financial matters.

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* Under our debt resolution program, estimates are based on prior results, which will vary depending on your individual program terms and your specific enrolled creditors. We cannot guarantee that we will be able to resolve all of your enrolled accounts or that we will be able to resolve them for a specific amount or within a specific period of time. Not all of our clients will be able to complete our program for any number of reasons, including, but not limited to, their ability to save enough money during the term of their program. Under our program, we do not assume the liability for your enrolled accounts, and unlike our debt management programs, should you choose to enroll in a settlement programs, we do not make monthly payments to your creditors. Failing to make timely payments to your creditors on your enrolled accounts will likely adversely affect your creditworthiness, increase the outstanding balances due to the accrual of interest charges, penalties and late fees, and may subject you to collection actions or lawsuits by your creditors. However, the repayment agreements that we may negotiate on your behalf will resolve the entire outstanding balance on that account, including any interest, penalties or fees accrued during your program participation. Any amount of debt forgiven by your creditors may be subject to income tax, and you should consult with an accountant or attorney regarding the potential tax consequences of paying less than the full amount owed on your enrolled accounts. We do not provide tax, accounting, legal or bankruptcy advice. We are not a credit repair company, and we do not provide credit repair services. You should carefully read all program materials prior to your enrollment to be sure you fully understand the terms and conditions of our program. Our program is not available in all states, and our fees vary by state.

** Certain types of debts are not eligible for enrollment. Some creditors are not eligible for enrollment because they do not negotiate with debt settlement companies. If we know that to be the case, we generally won’t enroll the account into your program.