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How To Set A Good Example Of Handling Money For Your Children

December 22nd, 2017 Posted in teaching kids about money
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Becoming a parent is one of the most rewarding experiences in life. However, the pressure to set your children up for the best start in adult life can seem like a monumental task. Teaching your child to cook, do their own laundry, and clean the bathroom all takes time. However, the most strenuous of lessons can be handling money. Money stress has the ability to keep you up at night, and can even be the main reason for relationship problems and family feuds – something everyone wants to protect their children from. Below are a few ways you can best educate your child on dealing with money and give them their best chance in life.

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How To Set A Good Example Of Handling Money For Your Children - growing money image

Teach Your Child The Time Value Of Money

Earning pocket money is a given in many households with young children, however helping them to understand the time value of the money they receive may not be. Everyday life really does revolve around money. The tap turns on because your water bill is paid, and you get up every morning for work to ensure you have the money in order to pay that bill. Simply sitting down with your child, whilst playing a game of shop, to explain why the cashier is at work every day can help your child to comprehend the process of money, and why they have to earn it through doing chores.

Allow Your Child To Gain Experience Purchasing

Depending on the age of your child, you may think it is too early to allow them to go up to the counter themselves and purchase the fidget spinner they wanted so badly. However, giving them the experience of asking a shop assistant for help and advice on a purchase could start to build a good foundation for their spending habits. Encouraging your child to really think about and research their purchases to ensure they are getting the best price available, and highest quality. Just like you would seek advice on investments and pensions from wealth management services – you can educate your child on seeking advice on their purchases – no matter how small they may be.  This will help to set in a place a healthy and intelligent habit that will continue into their adult life.

Teach Them About Waste

Opening your child’s eyes to food waste and the cost of breakages could help them to understand the value – and the privilege – of money a little better. Accidents, of course, happen, and even more so when you have children. However, you can help your child to be more careful by explaining to them that what they have broken cost money, which is now having to be thrown away. It’s the same process with food. The rule “no sweets before dinner” is important to reduce the amount of food wasted in your household – explain that food also costs money and throwing it away is not only a waste of food but money too.

Hopefully, this has given you a few ideas on how best to prepare your children for their independent, working life. It is never too early to start instilling good habits, and they will certainly thank you for it later on in life. http://credit-n.ru/kreditnye-karty.html

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Preparing Your Children for the World of Accounting

October 13th, 2017 Posted in kids and money
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Accounting is a hugely important factor of life — and it’s not just important in the world of business. You see, accounting is basically the management of money, and everybody has to manage their money whether they are an accountant or not! Everybody — whether they are a student, a part time worker, a stay-at-home parent or a big business boss — has to manage their money by tracking their income and saving it when and where they can in order to cover their future expenses. And your children, as they grow, will be no different — they’ll have to do this sort of thing too. And the best way to get them prepared for doing it is to actually prepare them! For advice on how to do so, make sure to read on.

admin@wiserpet.com Preparing Your Children for the World of Accounting - play money image

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Teach them about recording and tracking

The recording and tracking of expenses is the most important thing that is done in the world of accounting, so it is apt that we begin with it. And, when it comes to teaching your children about it, no it doesn’t mean that you have to teach them how to become an accountant or a bookkeeper or send them off to do a an MBA Accounting online course as soon as they are old enough. In fact, when you teach your children about recording and tracking you don’t even have to use money to do it. You can just have them write a list of their toys and where they have been put when tidied away. You could play a shopping simulation game with them where they record what it is they have bought and how much fake money they have spent on it. Or you could provide them with a sheet that includes all their chores and pieces of homework, have them tick off what they do, and note down what their prize was for doing them.

When things are written down, they stay written down. And because they remain written down, they can be studied, summarised and analysed in the future. So, try to instil into your children the importance of writing down and recording everything that is of importance to them. By doing so, not only will they be well versed in the management of money in the future, but they will be far more organised in their general way of living.

Teach them about budgeting and the stretching of money

The biggest pitfall when it comes to the saving of money is spending it. Yes, it’s good to spend money and buy things that bring happiness. And yes, it’s good not to let money rule your life. But, in order to live a happy, care-free life, money must be saved and your financial future must be covered. And your children must know this.

Your children must know how to stretch their spend and most importantly what should be given precedence with what they spend. A simple and effective way to teach this is to give them a small amount of change to work with in a shop, and for them to buy whatever they want within the price range they have been given. They should also be taught that if they save the little money they are given in the for of pocket money, then it will eventually grow to be a big pile of money. To do this, you could inform that instead of buying a few sweets every week, they could save up for a number of weeks or months and instead buy themselves a brand new Playstation or Xbox game.

When money is spent wisely it can be the centre of one’s happiness rather than being the root of all evil. And it is imperative that your children know this as they grow. For more advice on how to prepare your children for the world of accounting when they reach adulthood, make sure to check out this guide. http://credit-n.ru/offers-zaim/mgnovennye-zaimy-na-kartu-bez-otkazov-kredito24.html

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How Stories Can Prepare Children for Life

October 6th, 2017 Posted in financial literacy for kids, learning about money
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Image via Flickr Mankind has always been obsessed with storytelling, since the most distant days of prehistory when our ancestors sat around roaring bonfires telling the tales of mythical figures and their deeds. Nothing has changed in this regard today, and fictional entertainment is as popular as ever, whether in the form of books, or TV shows and films. One of the areas where stories continue to have the most impact, however, is in delighting and educating our children. Fables and fairytales seem uniquely able to inspire and enlighten kids, where dry lectures would put them to sleep. Why is that the case? Let’s take a look. Stories exist in a world of adventure The normal world is often reasonably boring for grownups, never mind for children who’re used to living in a world of adventure and make-believe, where heroes and villains and strange creatures lurk in every corner and great quests define the fate of the world. Stories are able to place often mundane concepts and lessons into fantastic settings and so make them far more interesting and exciting. That, of course, means that a child is far more likely to absorb the fundamental messages. Stories make things less frightening Real-world concepts and their implications are often scary, or at least daunting. Trying to teach a child about the dynamics of heroes and villains by talking about contemporary terrorist atrocities is likely to give them nightmares. When placed in a fantasy setting, however, many of these concepts stop being so frightening. They’re now removed from our day-to-day lives by a degree of separation, and there are always wise kings or bold heroes to step up and do battle when needed. Stories can simplify complicated concepts In day-to-day life, almost everything has layers of complexity which can be utterly baffling if we’re not prepared for them. Few adults could claim to have a good working knowledge of how the various financial institutions operate, even the activities of benign companies such as best.creditcard. So how can children be expected to unravel these arcane mysteries? Addressing big concepts in a fantasy setting allows for these ideas to be boiled down and simplified to their core components, while also positioning them against a narrative backdrop which serves to enhance understanding, rather than diminish it. There’s a reason why metaphors are such commonly used teaching mechanisms. Stories stick in a child’s memory A dry lecture about something complicated like budgeting or arithmetic is likely to interest a child about as much as watching paint dry, and will probably fly out of their head as soon as they’re free to run off and imagine themselves fighting a dragon or saving a princess. Stories with engaging characters and plots can carry these same morals, but present them to a child in a coating of fun and adventure. This, of course, means that the child is more likely to remember the tale. Even if they’re not constantly reflecting on the lesson of the story, it’ll be working in the back of their mind. - giant storybook image

Image via Flickr

Mankind has always been obsessed with storytelling, since the most distant days of prehistory when our ancestors sat around roaring bonfires telling the tales of mythical figures and their deeds.

Nothing has changed in this regard today, and fictional entertainment is as popular as ever, whether in the form of books, or TV shows and films.

One of the areas where stories continue to have the most impact, however, is in delighting and educating our children. Fables and fairytales seem uniquely able to inspire and enlighten kids, where dry lectures would put them to sleep.

Why is that the case? Let’s take a look.

Stories exist in a world of adventure

The normal world is often reasonably boring for grownups, never mind for children who’re used to living in a world of adventure and make-believe, where heroes and villains and strange creatures lurk in every corner and great quests define the fate of the world.

Stories are able to place often mundane concepts and lessons into fantastic settings and so make them far more interesting and exciting. That, of course, means that a child is far more likely to absorb the fundamental messages.

Stories make things less frightening

Real-world concepts and their implications are often scary, or at least daunting. Trying to teach a child about the dynamics of heroes and villains by talking about contemporary terrorist atrocities is likely to give them nightmares.

When placed in a fantasy setting, however, many of these concepts stop being so frightening. They’re now removed from our day-to-day lives by a degree of separation, and there are always wise kings or bold heroes to step up and do battle when needed.

Stories can simplify complicated concepts

In day-to-day life, almost everything has layers of complexity which can be utterly baffling if we’re not prepared for them. Few adults could claim to have a good working knowledge of how the various financial institutions operate, even the activities of benign companies such as best.creditcard. So how can children be expected to unravel these arcane mysteries?

Addressing big concepts in a fantasy setting allows for these ideas to be boiled down and simplified to their core components, while also positioning them against a narrative backdrop which serves to enhance understanding, rather than diminish it.

There’s a reason why metaphors are such commonly used teaching mechanisms.

Stories stick in a child’s memory

A dry lecture about something complicated like budgeting or arithmetic is likely to interest a child about as much as watching paint dry, and will probably fly out of their head as soon as they’re free to run off and imagine themselves fighting a dragon or saving a princess.

Stories with engaging characters and plots can carry these same morals, but present them to a child in a coating of fun and adventure. This, of course, means that the child is more likely to remember the tale. Even if they’re not constantly reflecting on the lesson of the story, it’ll be working in the back of their mind. http://credit-n.ru/offers-zaim/otlnal-microzaimi.html

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5 Ways to Making Saving Exciting for Kids

August 22nd, 2017 Posted in kids and money, learning about money
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Saving money is a valuable life lesson that it is important to teach from a young age. The more good practices are instilled in childhood, the more likely it is that they will be continued throughout life.

5 Ways to Making Saving Exciting for Kids - coins and piggy bank image

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There are a wide variety of different techniques that we will talk a little bit about here, but teaching the relationship between family and money is something that should be ongoing. So, let’s get on and look closer at some money-saving teaching tips.

Make a Savings Chart

If your child wants to save for a particular toy, you can make a chart to figure out exactly how much money they will need to save. Your son or daughter can then place a sticker in the chart each week that they save money so they can actually see themselves getting closer and closer to their overall goal which certainly builds up excitement.

Offer Rewards

You will probably be all too aware how effective rewards can be when encouraging your kids to do something, so think about what motivates them – whether this is an extra half hour playing video games or a trip to the movies – and offer this as a prize if they hit a particular savings goal. This helps to reinforce the positive link between savings and rewards.

Teach Them About Shopping Around

The internet has opened up a whole world of financial opportunity, and one thing that is a good idea to teach your children is about shopping around for a deal. This helps to show them about getting the most for their money and the knowledge that their savings will go further if they always get the best price that they can.

Set a Good Example

Of course, kids learn by example, so if they see you regularly saving your money then they are much more likely to follow suit. If your kids are particularly young, you can show them about saving money by putting your money in a jar. You can then get your kids a jar of their own so they can start to copy you. If they are older, you can set a good example by helping them to open up a savings account at your bank.

Play Games

Board games such as Monopoly and The Game of Life are useful in promoting the value of saving. They also help to demonstrate the consequences of certain decisions and the fact that unexpected costs sometimes spring up in life. While you are playing the games, you can talk to your kids about the similarities and differences that they have with real life financial decisions.

These are just five basic techniques that you can use to help get your kids saving money. Ultimately, it is all about showing them the rewarding aspects of saving money by getting them excited about it. As well as this, you should always be looking to teach them small financial lessons whenever you can that they can apply to real life situations. http://credit-n.ru/calc.html

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Family Finance and Family Business: Start Teaching Your Kids to Manage Money Early

July 25th, 2017 Posted in Money Tips
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family business finance - piggy bank image

Source: unsplash.com

Having a family business is hard on its own since you need to know how to handle family and business as two separate entities as well as how not to let one suffer because of the other. This type of business usually lasts for generations or that’s the plan at least, and there’s nothing more satisfying for a parent than to leave their legacy to their children. But before taking such a big step, parents should prepare their children for this future by teaching them about some facts and aspects of the family business as early as possible.

Running a family business is no different than managing any other business. And all businesses have some basics which need to be mastered, such as managing and budgets, resource allocations and knowing how everything fits together into a successful undertaking. With the intention of helping you achieve just that, we’ve singled out a few hints to help you prepare your children for walking in your shoes one day.

1.      Draft a business and budget plan

family business finance - lady with laptop image

Source: pexels.com

Just like with everything else, having a good plan can help you clarify what comes ahead and how to handle it in time. Every successful business is built on sound planning and financial predictions, the same applies to your family business and its future. Whether you’re old school and decide to use a pen and paper, or technologically savvy and decide to conduct your budgeting electronically, it is very important that you start preparing for the day your children take over the helm. Also, if you’re in any doubt you can always contact a bank or financial advisor to help you crunch those numbers.

1.      Separate business and family, but not quite

It’s very important to be clear and honest with your children from the start about what you expect from them in the future. It is prudent to leave your business problems far away from family matters, although there are some things to which the same principles should apply – money. Teaching your children about the value of money and how to be responsible with it doesn’t need to be separate from teaching them how the financial side of running the business works.

What you do need to separate are the roles. At home you are a family, and at work you are co-workers, and by separating the professional from the personal you’ll be able to convey discipline and ethics without losing your footing on both sides.

2.      Start from the beginning

Every family business is a story which needs to be passed down from generation to generation. Your job as a storyteller is to tell it as simply and interestingly as possible so your successors understand what’s ahead of them and are willing to take their place when the time comes. The latter means you will have to explain to them the rules and responsibilities, structure, management, financial transactions and dealings, as well as the clientele, future plans and the market.

3.      Finances – the backbone of your business

family business finance - computer finances image

Source: pexels.com

If you are the soul, then your finances are the backbone holding it all together. We’ve already mentioned that money and how to handle it responsibly shouldn’t be treated any differently than you do it inside your family. From an early age, your children should know that every penny counts and that it has to be earned and spent responsibly. You can let them work on some summer jobs for the family business, starting from the lowest position so they could connect the effort with the reward. Also, you can ask them to present you their ideas and financial plan on how to realise them and make them profitable.

4.      Representation is also important

There is one other aspect you should also include and that’s marketing. This one might be closer to your children’s interests than you may think since today’s advertising efforts are mostly digital and Internet-based.

family business finance - office desk image

Source: pexels.com

Help them understand that by investing in the presentation of your family business and its brand, they can increase the profit and promote the image. It may seem easy and a money saver to do it by themselves, but entrusting the SEO company to promote your website and hiring design professionals to embellish your image will save them time and resources while providing excellent results. It will also be a good lesson for them to see how allocation of work can be beneficial for the business.

Finally

family business finance - family fun image

Don’t be afraid to talk about money with your children. By teaching them about its value and significance you will inspire them with responsible habits and manner of handling it. Showing them how your family business works from the inside out and the important role financial background and forecasts have in its success will prepare them for ongoing and new activities when they take over. http://credit-n.ru/offers-zaim/ekapusta-besplatniy-zaim.html

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