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About Money Management For Kids 

It can't fail to occur to lots of parents raising a family in the middle of a worldwide financial crisis of such serious proportions that perhaps the nation's lawmakers aren't nearly as financially responsible as they should be. The thought occurs to them that perhaps our lawmakers grew up in a generation when America was well-off and their parents didn't think that an education in money management for kids was an actual necessity. Now that a lot of us have had our lives turned completely over, things are beginning to seem a little different.

Teaching money management for kids used to be so easy. All you had to do was to give your kid an allowance and a piggy bank, and you could pretty much dust your hands off the issue. Teaching money management skills to our young ones will provide them with much more opportunities than we can even imagine.

when we instruct our children in financial management We are ,therefore, teaching them how to take personal responsibility . When we educate our children the importance of money management so they understand that they have a say in their financial future and that when they grow up ,they will have much more control. Whether you, as a parent or educator, have a lot of money or not you can show kids the importance of budgeting and prioritizing.

These days, your child needs to understand how banking on the Internet works.

There's compound interest, credit card expense management, and resisting temptation (when everyone else is spending themselves into debt) to take into consideration as well. Luckily, there are plenty of websites that teach money management for kids that you could use to get started.

ING Direct, the Internet bank that advertises its products with a bouncing orange ball on any website you choose to go to,  runs a great website to help teach children financial responsibility. It's called Planet Orange. It's great little effort for children up to grade 6 who want to learn about what investing, saving and spending are all about. It's a lot of fun too – children learn all of this stuff going on a space mission on a rocket.

The Zefty Virtual Bank Account is a great little idea. It gives children the chance to explore what banking is all about, with an imaginary account. They can make a virtual deposit with an allowance you give them or something. Every time there's income or an expense, they put it down in their virtual bank account, and they see how everything they do with money whittles their deposit down.

HIP Pocket Change is a US government website that helps teach money management for kids. One reason why children have such a hard time grasping what money is all about is that they really don't know what money is all about. Where does it come from?

Why do we have pieces of paper that we consider valuable, while other pieces of paper aren't? This website has interactive cartoon shows that show how money  comes about, and so on. It helps really cement the idea of what money is, in a child's mind.

There are lots of other websites too. For instance, RichKidSmartKid  has interactive animated games on personal finance. PracticalMoneySkills is a great website, too.


Money management for kids starts at home. Let them have access to your comparison shop, even in the grocery store.
Make them see that you also don't have everything you want and are saving towards some goal. Let them see you giving away money to a charity or someone in need.

 

From money managenent for kids to ways to save money

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