Today's screaming headlines regarding the dire financial straits our country and many around the world is in, has surely brought about many questions from children. Some have had to learn that a parent or both had lost a job - others had to move out of homes they had been born in and grown up in. Now is a good time to teach them to be a part of saving for their future with a sound and stable lift.
*Banks should allow children to open savings accounts for them to handle themselves. * This is how to start:- give children an allowance for chores around the home. Some children might even earn by helping neighbours, family & friends etc, This allowance can then be saved in a "piggy bank " at first. Deposit about 80% into a savings account. Children should, learn to manage these accounts. They should make a list of their wants and needs and with this in mind, save. <Parents will of course help with the ppurchase of their desires.>
When I was at Catholic elementary school, we brought along whatever money we had and saved with our teacher, with the principals permission of course - putting money away to buy Christmas or birthday presents. What a beautiful surprise for our parents, family & friends when they did not forward the money for these presents. It gave us a sense of pride and satisfaction. We even felt a little "grown up" as well. Whatever the balance at the end of the year was given to the students. We had the option of continuing in the next grade or taking our "lump sum" home.
Ways and means of unnecessary waste of soap, toothpaste, peanut butter, sugar etc. could be taught. This teaches children to be frugal and have more to spend/save. By the time they reach adulthood, saving in many ways would be the norm and passed on to the next generation. - ( Thus the family, the community and the country benefits. )
Further more, teach children to live on what they have and earn and not to depend on loans or credit cards. I personally believe that credit cards are a curse. Card holders go overboard instead of using these credit cards for emergency situations only. Look at where the country is financially today. We owe money to so many countries. The new ruling party is trying very hard to make ends meet. GOD BLESS AMERICA//
___________________________________________ ___________________