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Business & Tech

Money Lessons

Now that the kids are back in school, it might be a great time to teach them some financial lessons at home.

If you're feeling some back-to-school wallet fatigue, you are not alone.

The average bill for back-to-school spending-per child-is a whopping $603.63, according to the National Retail Federation's "Back-to-School Survey." Hopefully, you were able to share some teaching moments with your children as you shopped for supplies and the latest fall fashions. If you feel as if you let some opportunities slip by, now is a great time to start-or continue-your own money learning lab. Education begins at home, so here are five simple ideas and topics to discuss at dinner, on the way home from practice, or whenever you deem it appropriate.

First, lead by example. If you want your children to learn money management skills, set them up for success now. Take them grocery shopping with you and discuss how and why you make the purchases that you do. Then, have your children be a part of the decision making process. As they mature, ask them to help you pay one or two bills each month. Teach them how to balance a checkbook as you go. Read about money matters and discuss your investments with your kids. Tell them what you value about money and then ask what money means to them.

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Show, don't tell. Make your kids a part of the process. Kids like to engage, so let them make decisions and even some mistakes while they are young. If you find something to be frivolous, make your opinion known but unless the item is something you find offensive, inappropriate or dangerous, let the kids make some purchases that they might regret later. There's no substitute for experience!

Teach them saving skills. Show your kids your savings accounts and explain the importance of delayed gratification. If your child receives an allowance, discuss how they might allocate their resources. A good and simple rule of thumb is to have three "banks"-one for saving, one for investing and one for spending. As the kids mature, add a fourth "bank" that enables them to earmark some of their funds for charitable giving. Piggy banks, jars, Tupperware or other containers work perfectly when your kids are ten and under. You can even decorate the containers to add another level of engagement.

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Teach them the value of hard work. If your employer provides allows you to bring your children to work, take them! Have them spend a morning, afternoon, or a day with you. At home, whenever the opportunity presents itself, ask your kids to help out. Spend some time weeding together in the yard, ask them to help you wash your car and for help with dinner and setting the table. Before you know it, you'll have taught them some valuable skills and an appreciation of hard work.

Teach them how to manage debt responsibly. Debt can be a part of one's financial plan, but it's important to teach kids-at an early age-that debt can also derail financial plans. Have your kids watch you charge various items on your credit card and have them watch you pay the credit card balance-in full-at the end of the month.

Finally, money management can be a family affair and it can be fun! If you consider earning and spending money to be a chore, chances are your kids will pick up on those values. If you believe that money provides options, opportunities and experiences, your children will likely share those values as well.

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