Today’s tip for helping to teach children about money is:

Tip #2 – Go over the family budget with your child. Let them see that so much money must go towards not only the obvious things like food, but also money needs to also be set aside for Electricity, Rent / Mortgage, Gas / Petrol, Clothes, Savings, etc.

For even more tips & Ideas to Help Teach your Children About Money, check out my ebook “What They Don’t Get Taught At School!”

This is a first of many Money Tips for Kids, which are also available in my book, “What They Don’t Get Taught at School!”.

Over the next few weeks I will be adding to this list, so please come back regularly to check it out, or subscribe to my newsletter or RSS Feed.

Tip #1 – Have your child help write the weekly shopping list. This will help you to explain to them the difference between needs & wants. eg. Ice Cream is a want, whereas Milk is a need.

For more information & tips go to Teach Children about Money.

I was chatting with a teacher friend the other day who works at a nearby school. She was telling me about some of the children that come to school without any lunch. There reasoning is that their parents can’t afford to buy them any lunch. However many of these same parents and children can afford a packet of cigarettes or a mobile phone.

You see we teach our children about many things by our actions, and in buying cigarettes over a loaf of bread is simply screwed up priorities. And unfortunately our children learn from us that luxuries are more important than necessities.

Now my wife was telling me about one of the kids she has met at college. Now this boy comes from a very well off family, who goes on regular holidays & who’s parents have bought him a car. Now this is the other extreme. This boy is not being taught about money, as he is having everything handed to him on a silver platter.

To teach our children about money, we need to teach them in the first case, priorities and in the second case, moderation.

Being able to afford luxuries is a great thing, but we also need to drum into our children, just what is a luxury & what is a necessity. Help them to understand the difference between needs and wants.

I have tried to cover may of these issues in my book, “What They Don’t Get Taught At School! – A Parent’s Guide to Teaching Children About Money.” It is becoming more and more important every day that we help our children’s attitude towards money, and teach them to have a Healthy Financial Mindset.

I cam across a very interesting article yesterday while looking at some other blogs regarding Teaching Children About Money.

It discusses the importance of explaining to our children the current economic crisis and what it means to them and your family.

I strongly suggest that you read it and implement some of the suggestions.

Money Management Advice From my 9 Year Old

I recently came across an interesting website by Daily Finances.

Daily Finances is a UK based website that offers advise on budgeting, saving and earning money.

They cover a wide range of areas offering practical advise on such subjects as: Banking & Credit; Planning & Saving; Spending; Managing Money; and of course Teaching Children about Money.

The site is definitely worth a look and and is updated regularly with over 60 articles written by their experts.