Thorpe - 925 ideas to help you save money, get out of debt and retire a millionaire: so you can leave your mark on the world

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Five Ways To Teach Your Children The Value Of Money

I t is noble and good to teach your children that money cannot buy happiness. It is also noble and good to teach them enough about the value of money to empower them to succeed at whatever they choose to do in life. Here are some tips to help you teach your children the value of money.

1. Provide a modest allowance. Giving your children a small weekly or monthly allowance that they can spend as they wish will help them learn the value of money. If your wallet is always open for them, theyll never appreciate what it means to budget or save.
2. Let them buy their own Xboxes. You will likely shower your kids with toys and gifts as they grow, many of which have genuine health benefitslike bicycles, skateboards or skis. There will be some things along the way that you and your children may disagree about their appeal, like video gaming systems. These are valuable opportunities to teach your kids about money. Let them save their allowance and work for the money to buy what they want. If you hire them to do chores, be sure not to pay them more than the neighbors would paythe goal is to teach them the value of money and if you cheapen it, they will!
3. Encourage them to make donations to charity. If you expose your children to genuine poverty and help them see how a small amount of their money can make a difference for someone who is struggling, it will help them not only appreciate the value of money, but adopt a kind and generous attitude.
4. Help them open a bank account. As soon as your children are ready, help them open a bank account. Then, they can begin to earn interest and understand how the financial system works. Dont do it before they are eight years old. They wont be able to understand the concept of a bank holding their money. Dont wait past their twelfth birthday since teenagers have a dangerous ability to dismiss and ignore their parents. Do it while you have maximum influence and they are ready to learn. Make sure they learn how to make deposits and withdrawals all on their own.
5. Involve them with college savings. Even though your kids should contribute to their college education expenses, most parents recognize that the high cost of college effectively puts this burden on the parents. Open an account for each of your children and make contributions to each one equitably. Show them how their fund is growingand how it compares to the cost of the education they want. Dont put this money in their name unless you have extraordinarily high confidence in their judgment. Youd hate to see the college fund become a beautiful new car for high school or a frozen banana stand on the beach after high school graduation.

Twelve Free Things You Can Do With Your Family

Q uality family time doesnt have to be expensive. In fact, it can be free! Consider these activities you can do with your family that can be absolutely free:

1. Visit the library . Not only is this activity free, you can help teach your children the value and fun of reading. If you havent been in a while, put this one on the calendar right now.
   
2. Go to the park . In a world of Xbox and Wii, there is no better way to show your kids what its like outside than to take them to the park. Your kids may be surprised at how much fun they can have without a screen.
   

1. Go to church . Even if you dont usually attend, youll find yourselves welcome at virtually any church, mosque, synagogue, temple or other house of worship. Expand your cultural horizons and help your family appreciate and celebrate cultural differences.
   
2. Go for a walk . It doesnt cost anything to usher the kids outside and just take a walk. Walking is great exercise and any time with your kids is quality time.
   
3. Visit a historical site . Not far from your home there is almost certainly a historical sitein fact, there may be manyjust waiting for you to visit. Most are just landmarks with a short story. Visiting such a marker and then following it up with some simple internet research is a fun way to help your kids learn to use the Internet responsibly.
   
4. Go to the beach . Even if you dont live near the ocean, a sandy beach along a river or beside a lake can be just as much fun for kids.
   
5. Build a snowman . This may not be an option everydayneither is the beach. Your kids will never forget the time mom or dad helped them make the worlds biggest snowman.
   
6. Visit grandma . The relationship between grandparents and grandchildren is almost magical. Foster that with plenty of visits.
   
7. Attend community events . Most communities have a variety of events that happen every week at no charge, from concerts to book readings. There is always something happening. Make sure youre on the email notification list for the community centers with activities near you.
   
8. Play a game . It wont matter what game you play with your kids, from Xbox to Chutes and Ladders, your kids will cherish their memories of the times their parents played with them.
   
9. Just listen . Be there for your kids. Really be there. If you take the time to talk to them, especially your teenagers, youll be surprised by what you learn. Theyll appreciate the time as much as you will.