Making Your Children Smart About Spending Money

Most children start their first real job at age 16. Some parents struggle with the idea of their child worrying about work while still in school. Yes, it won't be easy, but it will teach that teenager responsibility. It will teach them how to prioritize their time. They'll become more math smart. They'll have to keep up with how many pay checks before they can afford that car they saw yesterday.

As a mom of two teenagers, I try to teach my children how to save. I tell them never spend your last dime. You never know when you will have an emergency. That money will come in handy. There were times when I had to buy medicine unexpectedly when one of them got sick. And also when they missed the school bus and had to catch the city bus to school. Just always leave something in the cookie jar.

Lots of parents feel that their children are destined to have a great life and don't want them to work at all. Around 27% of 16 and 17 year olds work. There is great concern that it's not a good idea to push children into the labor force too early. Studied show that some have worked too many hours and tend to have a higher dropout rate.

Most data do show that working can be a benefit to teens if not introduced too soon. It teaches them the importance of saving money, being on time, and the importance of teamwork. Most of them now realize that there are more important reasons for working than just buying CDs, jewelry, and clothes. Teens are now looking forward to saving for college or an apartment once they graduate. They tend to have higher goals and remain employed as adults.

Most banks will allow teens to obtain a credit card with a very small balance to teach them the meaning of credit. Of course with the help and guidance of their parents. They will be amazed at what they can save at the end of a year.

Parents are happy that their children are growing wiser and more mature. When they go off to college, they will be a little less worried about their financial needs. They can work part time while in college and it won't interfere with their classes. They understand that going to college can help to acquire more money and better jobs.

Source:www.familycircle.com