Frugal News - Raising a Frugal Family
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Raise a Frugal Family
The Columbian
Summary
The article discusses the effects of harsh financial realities on children and how you should include your children in the decision processes so that they can not only understand but learn from it.
Favorite Quote
“When children pick up on the fact that something is wrong but don’t know exactly what it is, they blame themselves, he said.
By filling them in on the problem, they can feel like part of the solution, said Dennis Breitenstein, who owns City Financial Group in Vancouver and teaches budgeting at Clark College.
Even in good times, older children who have jobs should bear the cost of their own gas and car insurance bills, he said, and young children should help with chores around the house. Here are some tips from the experts on broaching the topic money with children.”
Final Thoughts
I remember when I was a kid and we didn’t have much money. My parents were always open about our financial situation. I’m glad they did because they raised me in an environment were saving and managing money was critical. As a kid I picked up on basic financial principles quickly and understood the value of a dollar faster than all of my friends. I find my parents gave me a financial edge over a lot of my peers because I was preparing for my future while my friends were spending their money for the sake of spending their money. Parents have a huge impact on their children when it comes to financial success, so make sure you lead by example.
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