Friday, June 08, 2007

Teaching Kids about Money: Some Great Videos

(Note: This post was intended for last week Frugal Friday. Since it wasn't put up I'm connecting to it for this week.) Teaching kids about money is a long drawn out process. Some lessons are only learned by experience.

As soon as our children were old enough to understand we taught them how to evaluate their purchases and determine the best buy for their money. Allowing them to make financial decisions for themselves and then discussing those decisions with them, was the best teaching method I know.

We were never parents to purchase every toy that came along that our kids wanted. When the kids were old enough to start asking for expensive items we worked out a plan with them.

We stated the dollar figure we were willing to contribute, then we worked out a list of jobs the child could complete to earn the rest of the money needed. After the money was earned we taught them how to comparison shop and look for sales. We encouraged them to look for second hand items if possible.

I'm proud to say that my children all handle their money very well. They are savers and live within their means. None of my grown children have credit cards and operate on a cash only basis.

I found these great videos on YouTube that teach kids about budgets and money management. They are wonderful. I think they would be great supplements to any lesson on money management. Enjoy.

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