If you teen went off to college tomorrow, how soon would they call you asking for money? Would they be able to purchase their own groceries by the end of the month? Would they end up moving back into your basement when they cannot afford their apartment any longer? The idea of your teenager going into debt so early is definitely a frightening one, but it is a very real one as well. Does your teen have the money management skills necessary in order to survive out there? Here are some signs that your teen needs money management help.

- If your teenager has no “cash” concept, he or she probably needs money management help. It is really easy to overspend without realizing how much money you are using when you use debit cards, credit cards and the internet to do your shopping. If teenagers don’t associate cash with their transactions, they will never really understand how much money they are spending. It is vital that you wean them off of debit and credit cards over the span of 30 days, forcing them to use cash instead so that they can see what it means to run out of money. Suddenly their necessities may seem much less necessary when their cash gets low.

- If your teen constantly “needs” things, he or she probably needs money management help. The only things that your teen really needs are sunshine, air to breathe, shelter, food and basic clothing. Teens don’t need video games, CDs, cell phones or accessories. Break them of the “I need it” habit.

- If your teen is constantly running over their balance, then he or she probably needs money management help. If you find your teenager running over his or her cell phone minutes, or racking up NSF fees and overdraft charges, take this to be a serious sign that something is wrong. The unfortunate side of giving your teen some responsibility is that it can allow them to mess up a little. The first time you see them going over their limit, reduce their amount of freedom and instill some basic money management skills in them before they can have their responsibility back.

- If your teen is not working more for the money they need, then he or she probably needs money management help. There is an amazing formula that you need to learn for money management: If you want more money, you have to work more. Or work smarter. If your teen does not understand this formula, then you need to explain some of the principles of money management to them. Sometimes despite the simplicity of the concept, it does not occur to these teens that they may simply need to work harder or smarter to have more money in their pockets at the end of the week.

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It is never too early to teach your children the basics when it comes to good money management. Teaching your children good habits is always wise, and money management is definitely a set of good habits that is better taught sooner instead of later. If you teach your children how to value and manage their money very young, then it will be helpful for them in the future. In order to make kids learn the value of their money and money management, parents and guardians can practice a few very simple activities, including the following:

- Parents can involve their children whenever they are talking about activities relating to money. They can include their children when they sit down to discuss family budgets and other similar money related subjects, so that they can teach their children what activities involve money and what elements of the household require money in order to run smoothly. When children understand why money is important, they can better understand its value.

- Today a lot of our money is being used in the form of credit cards and checkbooks. When you make use of these alternative payment forms, you should explain to your children what you are doing and how it works. Tell them about the ease that bank accounts and credit cards can offer, and detail the role that they play in the money management process. You should also make an effort to teach them the difference between credit cards and debit cards so that they can make good use of all the money mediums available to them in the future.

- As early as possible, it would be advantageous to allow your children to manage, organize and save their own pocket change. They can be taught over time to count their money, use bank accounts, open a savings account, draw cash out through checks, and maintain their own unique personal budget and so on. When you first begin to teach your children about money management, they will probably be more likely to mess things up than to get everything right.

-In order to help them in this regard, you can introduce your children to online money management software and other options like a checkbook register as soon as possible. This will show them how to keep track of their savings and their spending. This will also help them set up alerts and reminders so that they can keep track of spending, earning and saving. As kids, people are simply not very adept when it comes to money management. Teaching them early and impressing them with the concepts of money management often will help them overcome their issues with money management, allowing them to get better control of their finances from day one.

When it comes to money management, the earlier you teach your children about taking care of their money, the better off they will be as they begin to have their own savings, incomes and expenditures.

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As parents, most people focus on the basic lessons of life, and may not be covering important financial lessons that could last a lifetime. Successful adults are usually those that were trained early on in proper management of their money, and developed an early respect for a dollar. If you have not yet implemented a plan to start teaching your child about money, now is a great time to start. Here are some tips to help you along the road.

Children Aged 3 to 5 –

This is a great time to start working with kids and teaching them about earning money. While they can’t exactly go get a paper route, that doesn’t mean that they can’t take on tiny tasks and get rewarded. For example, you can have boys (or girls) find certain types of bugs in the yard. For each bug they correctly identify and capture, you can give them a quarter. As a bonus, this is also a great lesson in entomology. If bugs aren’t your child’s thing, you can easily adapt this into another form. The key is teaching them that hard work and persistence does pay off.

Children Aged 5 to 9 –

This is the time when kids are more able to start handling basic chores around the house. You may also be able to start working on goal setting, especially as they get closer to nine. Try taking them to a store and ask them what they would like to get. Then, you can use this as a lesson by teaching them how much work they will need to put in, in order to get that item. For example, if they want a toy that costs $10, and they get a weekly allowance of $2, you can teach them that they will have to work five weeks, and save that money in order to get what they want. This has the added benefit of teaching them about saving, and learning more about hard work.

Children Aged 9 to 13 –

These are very important years and you can start to expand on the lessons you’ve already taught them. If they are mature, they may be ready for their first child checking account. This is also the time when they will be able to do bigger jobs around the house, or even get a paper route. Use each opportunity that comes up to reinforce the lessons that they have already learned.

Children Aged 13 to 18 –

By now they should have a firm foundation in how money works, how to get what they want, and the importance of respecting how far a dollar can stretch. Once they reach 16 they’ll be able to get their first job, and all the lessons you’ve taught them will carry over.

It’s never too late to start teaching your children about money, saving and earning. In fact, as you teach them, you may even learn a few things on your own and come to a better appreciation of your finances.

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• Starting Kids Out on the Right Financial Track Many of the best lessons we can learn about personal finance are taught when we are very young. By laying a strong financial foundation for your children, you can help shield them from making catastrophic financial decisions in the future. There are some great options available out there that can......
• Teach Your Kids about Money Management It is never too early to teach your children the basics when it comes to good money management. Teaching your children good habits is always wise, and money management is definitely a set of good habits that is better taught sooner instead of later. If you teach your children how......

Many of the best lessons we can learn about personal finance are taught when we are very young. By laying a strong financial foundation for your children, you can help shield them from making catastrophic financial decisions in the future. There are some great options available out there that can help any child learn more about money, how to handle it and how to respect it.

There is a lot to be said for a paper route, or even earning money for doing chores. Instead of handing out an allowance as an obligation, teach your kids to respect that money by having them work for it. We’re not saying put your three year old to work scrubbing floors, but once your kids are around the age of 9 or 10, they should be able to start grasping the concept of work = money.

This can have a pleasant side effect of reducing spoiling, and will help your children realize that hard work does pay off. Introduce the concept of bonuses early on and they will be able to stay motivated and keep on track. But you can just stop here. Now that your kids have money, they need to know what to do with it.

The best solution is to open up a kid-friendly checking account. Most banks now offer options for children’s accounts and this can instill a brand new sense of responsibility. Open an account with your child and make sure they understand the basic principle of not spending what you don’t have.

They may need to learn this the hard way, but over time, this first checking account will open up many new horizons for them. Stay on top of what they are spending and offer advice when necessary. The next step is to introduce the concept of budgeting. Now that they have money, and a place to put it, they will need to decide how they want to spend it.

This is a great opportunity to teach children about what to buy and how to determine whether or not a purchase is really worth the effort that went into earning that money. Grab a notebook and have your child draw up a wish list of what they would like to buy with that money. Once they’re done, you can go over the list and help them figure out what it will take to earn each item. Chances are, once they consider how many hours it takes to earn a pair of jeans, they’ll start gaining more respect for money and work.

Last but not least, it is vital to teach children how to grow their money. Open up an interest bearing savings account in your own name, and deposit their savings fund into it. Describe how the process works and keep them updated on how much interest they are earning. Again, this is a powerful motivator and can help a child learn more about how to make money when they are adults. All the work that you put in now will have a big impact on their future.

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