To what extent should kids be involved in family finances?
Do you involve your kids in family finances? In what aspects? How do you go about it?
Every Extent. If your child doesn't understand your financial situation they will never fully understand and respect the value of a budget. An added plus would be that they will understand that items of need are far more important than items of pleasure. So when you tell them no about the fancy new phone they are aware of your reasons. This will also aid them in their ascension into adulthood.
I believe children should be involved when they understand the concept of adding, subtracting, and saving. However, there is a point where a parent can stress a child’s emotional state; causing the child or teenager to resist asking for anything needed and may result in an ulcer. This may also cause the child to feel like they have to take on the adult responsibility of helping with the finances.
I don’t think there is anything wrong with having the child help subtract their parent’s checking withdraws and adding the deposits in the register. They may not understand the concept of not having the money to spend on something they want if the parent(s) still have money in the account after balancing the checkbook. This is where trying to explain the difference between wants, needs and goals for saving for something in the future comes in. Just because there is money in the account doesn't mean the money is available to spend.
If the child has their own savings account, this helps. An allowance helps the young realize, once they spend their money, it’s gone until the next allowance time.
Starting out small with the younger and then when they are a teenager bringing them into the family finances without emphasizing that they are responsible for more than they should be. Teenagers have enough stressful situations to deal with in their everyday events. It is the parents’ responsibility to get them ready for being able to take care of themselves; finances plays a huge part in their future and parents are their first and over all biggest remodel.
To some extent possible but even very strict parents in days gone by never really concerned their children with the bills I don't believe. I mean I had enough sense somehow as a child to know I wouldn't get anything I wanted but to know what our bills were running and how much was left over I was spared from and only happy today that was so. I did turn out to to be thrifty and saving so somehow my parents must have done it the right way without causing me any stress.
Growing up, this was NOT something my parents shared with me nor my 5 siblings. If we were told no, that was it, without stress. I've done OK with life's lessons. I've met a few teenagers that were highly stressed & obligated to parent's finance
I allow my kids to draw their own conclusions. I give them allowances so they can manage their own money.My youngest is 5 my oldest 9.I dont think they need to know exactly how much I make, but i do say things like " this week i can't afford that but next week i can" , so that they understnad money is limited and we don't have alot all of the time. It also helps to minimize on the wants to often.
Thank you so much for all the responses. I also believe about allowances, starting small just so they have the experience and learn from it.
Have you noticed though that each kid has a spending pattern for their allowance?
I have always been very open with my daughter on my finances. I do not want her to stress over money when it is tight but I want her to have a clear understanding of what I can and can not afford. When I tell her we don't have the money for something she knows that I do not have it. Since I am open with her she doesn't ask me for crazy expensive items and in return she is part of the decision process on what we spend extra money on.
I believe it depends on their age. The older they get, the more they should know. But even at a young age, we make sure our son understands the importance of finances. He knows what bills are. He is beginning to see the importance of saving money. And he also understands why there are times we can't do something special (e.g. go out for dinner) because of other financial obligations we have. To me, this stuff is extremely important to start teaching at a young age.
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