By Meaghan Montrose
We live in a materialistic world today. More and more ads are geared towards children. These commercials try to convince kids that they NEED to have a particular toy, piece of clothing, video game, etc… As a parent you have probably had to endure the nagging, begging, and pleading of your child when they just HAVE to get something or else they will suffer from being uncool or behind the times.
Buying your children gifts or letting them spend money on luxuries isn’t all bad, but first they need to learn the value of a dollar. This is a lesson that fewer and fewer parents seem to be providing to their children. The truth of the matter is, in these times we should be giving our children even more lessons on money management to deal with the poor economy, tight job market, and the hundreds of ways to get into debt young (credit cards, zero financing and free interest offers, student loans).
In my blog searches I found a great article on the MoneyNing.com blog. The article describes a way to teach the value of money by helping your child Visualize Money Management with the Four Jars Approach. The basic idea is to have your child set up four jars (or more or less if appropriate) to learn the idea of budgeting and allocating money they earn. Check out the post for all the details.