What do you think? Should you discuss finances with your children?

Monopoly Money
Photo by: goat_girl_photos

One of the frequent topics of discussion between my wife and I is whether we should discuss our finances with our children and if so, how much should we discuss. We’ve been having this discussion off and on since our oldest son starting understanding what money was. We both agree that we should discuss our finances with our children but we differ on how much we should disclose. What’s even more interesting is that we both seem to waffle back and forth on the topic.

Kids eat free at Dickeys

Kids Eat Free
Photo by: chefranden

This article is part of my ongoing Money Saving Monday series. You can read the rest of the series here. Have a tip you would like to share? Then contact me!

I’ve written about kids eat free deals before and how given we have 6 children we are the constant prowl for restaurants offering kids eat free deals. One of the restaurants we found recently is Dickeys BBQ. They offer a free kids meal with the purchase of each adult meal on Sunday afternoons. Unlike a few other kids eat free restaurants we’ve ran across, the food is awesome!

1 marshmallow or 2? A study on the benefits of delayed gratification

Marshmallow

While listening to the book, Crucial Conversations a few weeks back, the authors discussed a study that was done in the 1960′s by Standford University psychology researcher Michael Mischel. His study demonstrated how important self-discipline is to success.

The study began with a group of children 4 years old. He optionally offered them one marshmallow immediately, but instead if they could wait for him to return later, they could have two marshmallows instead. He left for approximately 20 minutes. His theory? The children that could wait would demonstrate they had the ability to delay gratification and control impulse, both significant and important traits for attaining wealth and being financially successful. As you would expect, some children took one marshmallow, and other children decided to wait and received two later.

Teach your teen the basics of money management

Teen girl with headphones
Photo Credit: stock.xchng

This article is part of the Money Matters for All Ages group writing project being conducted by the M-Network and other blogging friends. See the bottom of this article for the full list of participants and links to their articles. Please check back daily as I will update the links as new articles are posted! Also, if you are blogger and would like to join into the discussion, feel free!

3 steps to a personalized income plan for your children

Kids and chores
Photo by: wsh1266

This is a guest post by WJ, a husband, father, fellow Christian and frequent commenter here on Gather Little by Little. WJ had made a very informative comment on my article, 10 Ideas To Help Teach Your Kids About Money. I asked him if he might be interested in expanding further on how he helps teach his kids about finances by writing a guest article. Fortunately for us, he was kind enough to do so and I think he did a great job! Thanks WJ!

Here are 3 steps to a personalized income plan for your children:

10 ideas to help you teach kids to save money

Piggy Bank

Given our new perspective on money, my wife and I have been looking for opportunities where we can involve our children and begin teaching them about money.

Here are 10 ideas to help you teach kids to save money and about overall money management:

  1. Create a savings account for them. Preferably use one of the new online high-interest bearing banks, such as ING Direct’s Orange Savings.
  2. Start a matched savings program matching their savings dollar for dollar. This is a great way to teach them both about savings and 401k programs.

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