Teaching Children Money Habits for Life
The life-long benefits of teaching children good money habits make it well worth the effort. Children who are not taught these lessons pay the consequences for a life-time. Some parents don't teach children about money because they think they shouldn't talk about money with children, don't have the time, or think they don't have enough money. Parents should take the time to teach children about money regardless of their income and should start when children are young.
Most people have strong feelings and opinions about money, based on childhood experiences and the values and beliefs of their families. Most often, these experiences, values, and beliefs are different for each parent. It is vital for the healthy development of children that parents talk about these feelings and opinions and establish a consistent approach to teaching children about money.
Here are some guidelines parents can keep in mind as they begin the financial socialization of their children:
Guide and advise rather than direct and dictate how the child's money should be used.
Encourage and praise the child rather than criticize and rebuke actions taken.
Allow children to learn by mistakes and by successes.
Be consistent while taking children's differences into account.
Include all family members in money management discussions, decision making, and activities as appropriate for their age.
Explain to children what they can and cannot do and the consequences of violating the limits.
As children get older increasingly include them in discussions of limits and consequences.
Expect all family members to perform unpaid, routine household chores based on their abilities.
Express your desire to have things you can't afford. Children need to know that parents say “no” to themselves, too.
Does money buy happiness?
Does money buy happiness?Not.Ah，but would a little more money make us a little happier?Many of us smirk1) and nod.There is，we believe，some connection between fiscal2) fitness and feeling fantastic.Most of us would say that，yes，we would like to be rich.Three in four American collegians now consider it “very important” or “essential” that they become “very well off financially.” Money matters.
Well，are rich people happier?Researchers have found that in poor countries，such as Bangladesh，being relatively well off does make for greater well-being.We need food，rest，shelter and social contact.
But a surprising fact of life is that in countries where nearly everyone can afford life’s necessities，increasing affluence matters surprisingly little.The correlation between income and happiness is “surprisingly weak，” observed University of Michigan researcher Ronald Inglehart in one 16-nation study of 170，000people.Once comfortable，more money provides diminishing returns.The second piece of pie，or the second $100，000，never tastes as good as the first.
Even lottery3 winners and the Forbes’ 100wealthiest Americans have expressed only slightly greater happiness than the average American.Making it big4) brings temporary joy.But in the long run wealth is like health：its utter absence can breed misery，but having it doesn’t guarantee happiness.Happiness seems less a matter of getting what we want than of wanting what we have.
Has our happiness floated upward with the rising economic tide?Are we happier today than in 1940，when two out of five homes lacked a shower or tub?When heat often meant feeding wood or coal into a furnace?When 35percent of homes had no toilet?
Actually，we are not.Since 1957，the number of Americans who say they are “very happy” has declined from 35to 32percent.Meanwhile，the divorce rate has doubled，the teen suicide rate has nearly tripled5)，the violent crime rate has nearly quadrupled6)(even after the recent decline)，and more people than ever(especially teens and young adults)are depressed.
I call this soaring wealth and shrinking spirit “the American paradox7).”More than ever，we have big houses and broken homes，high incomes and low morale，secured rights and diminished civility.We excel at making a living but often fail at making a life.We celebrate our prosperity but yearn8) for purpose.We cherish our freedoms but long for connection.In an age of plenty，we feel spiritual hunger.
by David Myers
It is never too early for you to learn about the value of money as a teenager. Many teens have no concept what it takes to earn money or what it costs to live. Lifestyle may have an influence on how you understand money since this is especially true for teens from affluent families. If you live in low income area like other teens you may often struggle to obtain money sometimes resorting to criminal acts to get money when you need it. The following article discusses some important things about teens and money issues including:
When you're given money you should learn how to handle the money wisely. While some teens are taught at a young age to save what they have other teens have no idea how to keep a dime in their pocket and will spend their money on the first thing they see. You need to learn good money habits as soon as you have money of your own through work or other sources.
Earning Extra Money
If you are a teen looking to get some extra money you have some options available. If you have not saved money in the past you will be starting from scratch. It is possible for you to earn money by doing odd jobs around the neighborhood such as mowing lawns and babysitting. Some teens will even start their own lawn care business and that's an idea you can use. Pet walking and pet sitting is also another great way for teens to earn money until they are old enough to get a job; so consider these ideas!
When teens have found a way to earn money they should start saving some of what they earn. Remember good money habits start young! If you have a bank account you can deposit some of your earnings there. However you may also have an account managed by your parents that you aren't given access to until you are a certain age. Another way to save your money is to have a place in your room where you can safely keep the money they have earned. Even though your will have access to this money at all times you will be able to see how much they have earned and can keep some money put aside.
It is very common for teens to not understand the value of money. This is generally because they have not had to work for their money. You may receive it in gifts from family members and friends.
Teaching Value to Young Teens
Your parents and other adults in your life should teach you how to manage your money. Once you have found a way to make money the best thing is for you to have a savings account. Each time you earn some money part of the amount should be deposited into the account. This will teach you how to save and will also show them that they are being rewarded for your work by having the ability to watch their account grow. If someone in your life tries to teach you these tricks of money management make sure you pay attention!
Older Teens and the Value of Money
It can be harder to learn the value of money by the time you are 15. You might find that you want to buy the latest things on the market and you might not be so concerned about the value of money or what these items truly cost. If you are in this age group and do have a part-time job you're allowed to spend some of your money but do need learn! Having an ATM card can help you learn how to manage your own money and realize that you can only spend what you have earned. Once the money is gone it's gone!