Family Business Success: Educating Your Children About Money Family Business Success: Educating Your Children About Money September 13 http://www.hockeycanucksteamshop.com/ad … cks+jersey , 2013 | Author: Timothy Moseri | Posted in Business
Business owners have to become proficient in many different areas. One such area is managing money. Continuing your company for years to come will also require your children to learn ideals about prudent money management. To get started, lets go over some fundamental ideas that can help educate your kids about the importance of handling their personal economy and saving for their financial goals.

Provide them allowance- Convey responsibilities into your children like taking out the trash, cleaning the house, and feeding pets. The level of responsibility, of course http://www.hockeycanucksteamshop.com/ad … cks+jersey , should be tied to the amount of allowance, their personal finances, ages, and their abilities.

Develop savings objectives to help your kids grow their personal wealth- Develop and prioritize a list of why they should save, and things they want to save for- large and small. Use a star system (e.g. three stars next to the items they would like and one star next to those that are least important). Arrange the items as least expensive and most expensive. Decide what they want to save for by concentrating on the three-star items they want most and determine how much they think they can save.

Keep their savings in a safe place- Keep spending and savings cash separated (perhaps in labeled containers). Use different colored folders for purchases and saving http://www.hockeycanucksteamshop.com/ad … cks+jersey , and attach a photo of that “something special” to keep their goals noticeable. Also, have them open a savings account and keep their spending money home.

Track your kid’s progress- Kids, as well as adults, may find saving uninteresting. Achieving a personal economic goal might include making a savings thermometer, and coloring the money that is saved in different sections. Celebrate your child’s achievements by using charts http://www.hockeycanucksteamshop.com/ad … cks+jersey , and putting them in visible areas.

Discourage impulse purchases- Savings objectives can often become disrupted by impulse purchases (e.g. that hot new toy). But this can be prevented by the following suggestions:

Hunt for the bargain- Use coupons and only buy things that are on sale.

Search for deals- Wait for sale products and use coupons.

Leave cash behind- On shopping trips; help avoid spur-of-the-moment purchases by bringing only a certain amount of cash.

Ask for help in securing money- If you think they can’t resist spending, you can help keep their money in a safe place.

Consider your spending- Categorize your “wants” list and prevent purchasing anything for at least two weeks.

Your children will successfully reach their financial goals once they establish good saving habits. Once they demonstrate that they can save a set amount of money, you might even think about matching their funds. In order for your family business to continue to flourish, it is important for your children to have good values concerning their assets. This will serve them well into their later years.

For more ideas, see additional articles on family business.

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