Work and life balance are important concepts that adults strive to learn throughout life. Still, it is a balancing act that many people find is a regular struggle. Parents can seize the inevitable opportunities that will arise to teach life lessons early when money matters for kids.
It may be true that children need time to be children, but some parents realize that a balance of play and work, just as for adults, is important to instill in children. Spare change and allowances would make more sense to some, if attached to a reason. Not just because a child asks for money, should it be given. This is one of the lessons parents can attach to teaching children about personal finance and capitalism. What a child asks for, and what he or she is willing to do to earn money, is part of the negotiation process that a parent can demonstrate.
Throughout life, people find themselves swimming in the seas of capitalism. How well a person swims can be directly affected by his or her bartering, negotiation and business acumen skills. A young person who wants a certain school paper or exam score will have to invest in exercising their intellectual skills. The child will have to earn the grade. These skills will lead to better performance in school. Stellar school performance can lead to remarkable college entrance examination scores. Stellar grades and test scores can lead to scholarship offers to prestigious universities. A parent may decide to include rewarding for children for a job well done at school, home, or sports to match lesson objectives.
Parents may use both reward and punishment to teach children about good performance and finance. Behavior, grades or performance that does not meet objectives may result in a reduction in reward money, no money or losing privileges. For parents who issue monthly allowances, poor behavior, for instance, might result in a penalty against monthly allowance earned.
Parents can establish for children, as they themselves are typically provided on the job, performance objectives. A parent can develop, with or without their child, particular objectives for home, school, and activities. Objectives can be phases of a larger objective, such as ensuring a good send off to a choice college, based on developing daily habits of study.
Objectives might include tasks for the day, the week, or the month. A child might be required to team up with another child and ensure the family dog is walked three times per day. As a financial reward, the children might receive a set number of dollars per week for completing these daily tasks.
Personal finance lessons that include earning spare change or an allowance when they complete a task can form a realistic perspective on how the world operates. These lessons can instill independence and understanding on how money matters for kids can work for long term gain.
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MLA Style Citation:
Richardson, Yolanda "Money Matters For Kids Can Establish The Foundation For A Sweet Life." Money Matters For Kids Can Establish The Foundation For A Sweet Life. 26 Jun. 2010. uberarticles.com. 4 Nov 2014 <http://uberarticles.com/home-and-family/parenting/money-matters-for-kids-can-establish-the-foundation-for-a-sweet-life/>.
APA Style Citation:
Richardson, Y (2010, June 26). Money Matters For Kids Can Establish The Foundation For A Sweet Life. Retrieved November 4, 2014, from http://uberarticles.com/home-and-family/parenting/money-matters-for-kids-can-establish-the-foundation-for-a-sweet-life/
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Richardson, Yolanda "Money Matters For Kids Can Establish The Foundation For A Sweet Life" uberarticles.com. http://uberarticles.com/home-and-family/parenting/money-matters-for-kids-can-establish-the-foundation-for-a-sweet-life/
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