Teaching Kids To Be Financially Responsible

Image: kongsky

Our children do not receive a regular allowance, but do earn money in a variety of ways. (More on that another time.) In addition to earning money, they are very blessed to be recipients of cash gifts for birthdays and Christmas. As I mentioned the other day, Ray and I have taught them how to shop smart and save more. Although we encourage them to save for the big things, sometimes the kiddos’ urge for that book or pack of gum overtake their will to save, adding to the need to teach them about the valuable financial concepts of creating some financial goals, albeit pretty basic at their age.

We’ve attempted to teach these valuable lessons in a variety of ways. We adopted the envelope system for a time, placing a bit of money in three different envelopes – one for saving, one for spending, and yet another for giving. Then the twins opened “accounts” at The Bank of Mom and Dad, in which they placed all of the money they desired to save, while handling the spending and giving portions themselves. Now the younger kiddos are discovering ways to earn some extra cash and we are beginning to teach them how to properly handle their money.

Teaching these concepts and putting them in to practice at an early age will prepare my kiddos for their future. Did you know kids get an average of $25,000 in gifts and cash from 0-18? Yet most children have a net worth of zero when they leave home. With Christmas just around the corner, it’s time to try a new way to set some financial goals for my kiddos, as I’m sure their school breaks will bring many opportunities to earn some money and gifts will most likely include some amount of cash. We found a great site called Kidworth that is designed to help kids of all ages learn financial goal setting so they can succeed financially. More accurately, it found us!

Kidworth is a free tool designed to teach kids financial goal setting. With the holidays fast approaching it’s a great time to set up a Kidworth account. You would set up the account and together you and your kids could enter some goals. Whether they’d like to save up for guitar lessons or a donation to the local animal shelter, Kidworth can help them achieve their dreams this holiday season, and you won’t have to deal with so much stuff.

We’ve signed up for Kidworth and have given our children the best gift of all – financial responsibility. How about you – How do you teach your kiddos about financial responsibility?

This post was sponsored by Kidworth. All thoughts and opinions are my own.

Save Money With Nextag

Ray and I have taught our kiddos important money lessons ever since they were old enough to understand the concept of smart spending and saving. With the help of Nextag I decided to take advantage of the holiday shopping season to reinforce these financial lessons and make them more memorable by reminding our kids about the value of shopping smart.

My twins have been asking for a remote controlled helicopter, so we explored Nextag and did some comparison shopping. We were able to see the different models available at a wide variety of online stores.

We even set up an alert, so we would be notified by email of upcoming deals.

Whether you’re shopping for electronics, clothing and accessories, home furnishings or health and beauty essentials, Nextag should be your first stop for shopping online. We were able to use the comparison shopping tools available on Nextag to find several items on our holiday gift lists!

Enlist your kids this holiday season to lend a hand with the gift shopping with these holiday gift-giving tip from Nextag::

Tip #1: Make a budget. Already have a holiday shopping list? Next step is to make a budget and make it a positive experience. By knowing how much money is available to spend, kids can help make decisions on the best thing to buy.

Tip #2: Make a list, check it twice, and then tell your child to do something nice — and find the best price. Let them research compare prices and gifts through online comparison shopping to understand how they can save money on an item or two and then use that saved money to spend on another item.

Tip #3: If you prefer to shop in person, consider an app for your or your child’s phone that can help you shop right. For instance, Nextag Mobile is a free shopping app for the iPhone and Android that offers consumers product pricecomparison, research and shopping toolswith barcode scanning and image recognition technology.

Nextag Radar is now available as a free iPhone app that lets shoppers search and compare products, organize their searches, and set shopping alerts to receive notifications when prices drop or new products become available. Nextag Dealforce is a free, social shopping app for the iPhone that provides up-to-the-minute deals posted by local shoppers. Both apps are available through the iTunes store and Android Market.

Tip #4: Make money conversations fun – which will better engage your kids and avoid the eye rolls that tend to accompany these types of discussions.

I was compensated by Nextag to share these tips and my thoughts about their comparison shopping site. All opisnions and thoughts expressed are my own, as always.