Comments on: Raising Financially Savvy Children – Tips For Teaching Your Children About Finance

By: Piggy Banks

Piggy Banks — Thu, 09 Oct 2008 10:53:38 +0000

Ive always encouraged my kids to save some of their pocket money every week, and generally i think they have. I dont make it compulsory however, as its their money. Every once in a while, if i can see they’ve saved a whole bunch, ill top up the piggy bank with a few extra coins as an incentive to save more, kind of like interest

By: The Happy Rock

The Happy Rock — Fri, 02 May 2008 14:26:07 +0000

@DG – Very nice. That plan works as long as you don’t hand out more money, or loan money. It doesn’t sound like you are doing that, so I suspect the plan is working to perfection! Nice job.

By: DG Haldeman\

DG Haldeman\ — Fri, 02 May 2008 13:28:57 +0000

Here is what I do with my kids 13 and 16. I give them a basic allowance for things like movies, high school sporting events, cd’s etc. I also give them a monthly clothing allowance. My 16 year old gets a monthly gasoline allowance. I deposit the money into their accounts (they have debit cards) and they spend it and they don’t get a dime more until the next month. I have found that this method does a couple of things; one is that if they run out they have to go earn money and two is that I am not always opening up my wallet and turning over money. I am confident I am spending less using this method. My 16 year old has a job and I am weaning her off of some of her allowance.

I hope I helped.

By: Cristina Favreau

Cristina Favreau — Fri, 03 Aug 2007 18:00:09 +0000

I love how you make each of these points clear and to the point. My son will be 23-months-old tomorrow and my daughter just turned 5 months on Wednesday.
We set up an RESP and a savings account for our son and will be doing the same for our daughter very soon.
At least we got that down. I’ll be printing this article to keep it as a handy reference as my kids get older and as we start seriously teaching them how to be financially smart.
Thanks for this awesome post!

By: Teach your children about money through Mary Kay « BeeProductive

Teach your children about money through Mary Kay « BeeProductive — Mon, 30 Jul 2007 17:42:01 +0000

[...] on July 30th, 2007. Today I read a great article about raising financially savvy children. Many of the tips about teaching your children about finance can tie into getting your children [...]

By: Teach your children about Mary Kay « BeeProductive

Teach your children about Mary Kay « BeeProductive — Mon, 30 Jul 2007 17:40:41 +0000

[...] on July 30th, 2007. Today I read a great article about raising financially savvy children. Many of the tips about teaching your children about finance can tie into getting your children [...]

By: Ed B

Ed B — Mon, 30 Jul 2007 14:38:31 +0000

tehnyit, your’re stuck with ING. I’m trying to make it exciting for the kids.

By: tehnyit (article's author)

tehnyit (article's author) — Mon, 30 Jul 2007 13:27:33 +0000

@Amanda, I am glad that you are thinking about your child’s future and have thought about how you want to teach them. Most people hasn’t even taken to the first step to think about this.

@Ed B, those are two fantastic ideas. I especially like the one about the piggy bank. 5% is certainly a sweet deal. Can I invest in your bank as well?

By: Ed B

Ed B — Thu, 26 Jul 2007 14:32:50 +0000

I have a 6yr old, 3 yr old and a .5 yr old.
I thought that I’d help my guys when they get a little older is to tell them that at the end of the month we’ll look in the piggy bank and I’d throw in an extra 5% to whatever is there. This does two things: 1. encourages them to save, and 2) provides an opportunity to discuss financial virtues.

When they are teens, I was thinking of helping them understand the stock market with the same idea. They choose a stock, then I’d track the stock’s performance that month and throw in or take out money corresponding to stock’s performance. (this idea is not fully thought through at this point) I’m open to better ideas.

Good Post

By: Amanda

Amanda — Thu, 26 Jul 2007 14:18:43 +0000

I’m glad I came across this post on sk*rt. My son will be 1 next week and I have started thinking of all the things I need to instill in him. In fact, I just blogged about the manners I want to teach him. I like this article on finances too. I’ll need to get cracking on his own account…for now, we I have money set aside for him but its still lumped with my own. I’m also thinking of some blue chips….maybe…..