Sherie Holder and Kenneth Meeks’ article, “Teach your Children the Building Block of Finance” presented stories about different families who are guiding their children through the path of finance. Holder and Meeks discuss the value of money and the importance of teaching to children at an early age the right attitude towards money, determining how they would use it in their lives. They also acknowledge that budgeting is an established boundary towards finance and just how children can keep track of their own spending to understand the inflow and the outflow of money. Holder and Meeks also bring out techniques to encourage young children to divide money in different categories by either starting off with a piggy bank, then following to creating
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When I created my bank account I also opened a saving account but within that I got exposed to budgeting. I love buying stuff and I believe that a child who has 50 buck on he/her hands will get everything they can with what they have that, but because of my budget I cut back down to what I needed and what I wanted helping me in saving money. Opening a savings account not only helps save but it also assists us in knowing the right amount a certain person can put away in their savings without needing of it until an importance circumstance comes along and furthermore leading us to investments where they become beneficial. Creating a small budget isn’t supposed to harm us in showing us how bad spenders we are the purpose of it is to give us a specific and rightful amount of money to spend in either a weekly, monthly or annually time, establishing financial boundaries. Giving children an understandment on how the inflow and outflow of money works and to guide them in having more money come in than going …show more content…
It’s vital for a parent to be encouraged to speak to their child about the value of money but not all parents apply the same techniques. Parents might find it helpful to start give their children allowances but in my household I was raised in a different way. Most of my friends in high school had their first phone at the age of 15 or younger. On the other hand, I was encouraged to work, instead of getting allowances. I started working my summer before my senior year at high school and I bought my own phone. Not only did I obtain my first phone I realized the struggles and the hard work my parents go through in keeping out household stabled. In addition to my firsthand experience in this technique I agree with the authors that this lesson does encourage children not only by helping them know the financial sacrifices a parent make but allowing them learn how to value and most of all earn their own money just like I did. They give children their own independency but it helps them unstable financial boundaries they may have and assemble them in the near
When I created my bank account I also opened a saving account but within that I got exposed to budgeting. I love buying stuff and I believe that a child who has 50 buck on he/her hands will get everything they can with what they have that, but because of my budget I cut back down to what I needed and what I wanted helping me in saving money. Opening a savings account not only helps save but it also assists us in knowing the right amount a certain person can put away in their savings without needing of it until an importance circumstance comes along and furthermore leading us to investments where they become beneficial. Creating a small budget isn’t supposed to harm us in showing us how bad spenders we are the purpose of it is to give us a specific and rightful amount of money to spend in either a weekly, monthly or annually time, establishing financial boundaries. Giving children an understandment on how the inflow and outflow of money works and to guide them in having more money come in than going …show more content…
It’s vital for a parent to be encouraged to speak to their child about the value of money but not all parents apply the same techniques. Parents might find it helpful to start give their children allowances but in my household I was raised in a different way. Most of my friends in high school had their first phone at the age of 15 or younger. On the other hand, I was encouraged to work, instead of getting allowances. I started working my summer before my senior year at high school and I bought my own phone. Not only did I obtain my first phone I realized the struggles and the hard work my parents go through in keeping out household stabled. In addition to my firsthand experience in this technique I agree with the authors that this lesson does encourage children not only by helping them know the financial sacrifices a parent make but allowing them learn how to value and most of all earn their own money just like I did. They give children their own independency but it helps them unstable financial boundaries they may have and assemble them in the near