How might you teach your children about budgeting? Well, instead of just sitting them down for an abstract lesson (or worse, a long sermon that has them rolling their eyes), get them involved in your own budgeting. Show them how much the family is spending on various items and what your goals are. Explain what things such as cable TV and lawn-care services cost.
You and your kids can work together to decrease some spending -- or at least to keep expenses within your budget. They may even be more understanding when you have to say no to a plea for a new toy. It can be a great education for them to realize that the family's monthly electric bill costs as much as 50 comic books -- and perhaps it will motivate them to turn the lights off when they leave a room.
Getting kids interested in and aware of the value of a dollar is a great first step toward helping them develop into financially responsible adults with a great chance of avoiding common troubles, such as credit card debt.
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