PART 1: TEACHING YOUR CHILDREN TO BE FINANCIALLY WISE

There is one thing we, as parents, want for our children; not to struggle financially when they grow up, but to be responsible with the money they earn. There are many pitfalls along the pathway of life, but lessons learned at a young age will hopefully help them avoid a few of them. I have compiled a list of ideas that can be used to help educate your children. Some I have used over the years and others are ideas I have read or was told to me by parents with grown children.

1. Immediate gratification.
Teaching your children self-control when it comes to wanting immediate gratification is not an easy task, but it is very essential for living a contented life.
Setting aside a portion of an allowance towards a special item your child wants to purchase can be fun, educational, and exciting for them. Provide an allowance to your children once per week for the chores preformed the previous week. This will teach them how the real working world works, (work, then get paid) but will also teach them patience and is a good tool for teaching math and budgeting. Set aside a portion for giving and pocket money with the remainder going into their savings. I believe the anticipation, while saving for the special item, is more exciting than actually buying it. Many times your children will choose to continue saving their money and decide they really can live without a new toy or game.


Watch for part II coming soon.


Denise Wing, C.E.O.
Certified Mortgage Lender
Academy National Mortgage Corporation
303-987-0622