Teaching Kids About Money

Teaching Kids About Money

How to Teach Kid the Value of Money

by Gregg Murset, CFP

Love them or hate them, New Years Resolutions do make you think about the future. According to a 2012 survey by University of Scranton, an estimated 190 million Americans create a yearly list of things to do or improve upon. If by chance one of your items is to create a financial plan, live on a budget or get debt under control, then January is the perfect month for you to since it’s National Financial Wellness month in the U.S.  MyJobChart.com CEO Gregg Murset recommends making resolutions that are achievable for you but can also serve as teachable moments for your children.

To help move your children in the right direction in 2014, Murset suggests:

No More Hand Outs

Decide you are not going to just shell out money to your kids anymore.  When they come to looking for money, let them know that they will have to work for it. Tying work and reward together in meaningful ways will help them understand responsibility and accountability.

Teaching Your Kids How to be Frugal

Teaching Kids about Frugality and Saving Money

Teaching Kids about Frugality and Saving Money

by Clare K. Levison

My dad is a master of frugality.  His brother often remarks that it’s “the family way.”  As a kid, I thought my dad was cheap but as it turns out, he’s just smart.  He knows what’s important to him and what isn’t.  Those priorities are reflected in the way he spends his money.  The car he had when I was in high school was the base model.  It didn’t even have a radio.  When I would ask him why, he would say, “I don’t need a radio in my car.”  When Dad would take me to a fast food restaurant (a fairly rare occasion), he was never willing to buy drinks.  “Those drinks are so over-priced.  We can get a drink at home,” he would tell me.  As a child, I didn’t understand it.  It drove me nuts.  Now as an adult, I can see that where it drove me was down a path of financial success.