How many discussions have you had with your children about money? Besides telling youngsters ‘no’ are there any other conversations concerning finances? If you are always talking negatively about money, there is a message being carried over to your children. Money needs to be respected. Appreciate what it gives you, be thankful you have it and don’t take advantage of it as cash is not a rite of passage. Any of these messages may be a shocker to teenagers, but it is important that the value of earning money represents more than buying power. Teach children about all aspects of money from retirement down to payday loan direct lender help and the consequences of losing perspective.
If you look into a person’s wallet, it is interesting to find how the money is stored. You can see right off who respect’s physical cash and who doesn’t. Are the bills stuffed into a purse, folded haphazardly or bunched up a pocket? Do the bills lay flat and kept in sequential order with the faces all pointing in the same direction? It sounds trivial to think about, but in reality it does say something about how a person respects the money in their life.
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What are children being taught about third party money? Do they ever see cash as a form of payment or are credit cards always used everywhere the family goes? Do they see parents paying bills or listen to discussions about money and making decisions, some of them tough ones? They don’t need to hear the fights but they do need to know that money problems are not a life sentence. How does one correct financial wrongs? Your family’s money matters are great lessons for your children to grow up with a healthy financial mindset.
*Are you a family that needs no help and has everything financial set in perfect order? Let your children hear about how you did it.
*Is the family involved in keeping household expenses down in order to do more with earned income? Use earned income verses borrowing money…let them know it saves you cash in the end.
*Are bills managed effectively or do you scramble and worry about how to pay them? Scheduling certain bills according to your pay cycle is a great way to keep tabs on where your money is going to go and when. If unexpected costs come up and you do need to borrow, it is important to handle that debt efficiently as well. Use a credit card or online payday loan direct lender to make the payment but then focus on getting the debt paid off fast. It’s important for children to understand that this type of activity costs money. The longer it takes you to pay it back, the more expensive the initial cost becomes. If your budget is tight to begin with, added debt will only make things worse in the long run.
Lesson: Payday loan direct lender or credit card debt strains future budgets
It is very important that kids grow up knowing what the plastic payments at the register cost. They need to understand that when you owe money, you have to pay it back or there are costly consequences. When they become teenagers and have their hand out more often than you would like, they need to know more about budgeting their own money. Take the best payday lender approach and give them an advance on their allowance with interest. When payday comes, take back your advance with a little more for a service fee. Borrowing money is not free in the real world they might as well find out early. You could suggest that next time they do extra chores in order to earn the cash up front, but if you wait to the last minute and don’t save extra cash does not come free.
