Teaching Your Kids About Family Money Management

Family money management is important. Teaching your kids how to manage money is the first step in getting everyone involved and on board.

If you want to make sure your kids grow up with good spending and saving habits, it is important to start early. Just like with eating their vegetables, kids need to be shown that saving money is important, and that it pays off in the end.

If your kids hate broccoli, a little bribery sometimes goes a long way, and this is the same with saving habits. If you teach them to do it, and make it a real habit, and show them that, just like with eating vegetables, saving money is good for them, your kids have a better chance of following through, and saving money during their lifetime.

Online Checking Accounts

Have your kids noticed your online checking account? If so, show them how it works, and perhaps even set them up with one. If you choose one that adds interest, even better.

Encourage them to put their allowance into the checking account, and watch the account balance grow. Then, show them how interest works. To really encourage their savings, tell them that you will match the interest each month, or, if that is not enough, tell them that for each month that they do not withdraw or use their checking account to purchase something, you will add to the balance.

See how quickly that online checking account balance rises!

Allowances

You might also think of raising your child’s allowance (or giving them one if you currently do not), and asking them to save a percentage each month. Perhaps 20%? And tell them if they do save that 20%, you will match it.

Each time that they get that little bonus, remind them of what they could have in the long term. Do the math with them. Show them a year’s worth of added bonuses, and talk about what that might buy them down the road.

Coupons

Additionally, show them what smart family money management means when it comes to spending. When you use coupons or buy items on sale, show them how much you are saving. Or, have your kids help you. Put a child in charge of coupons and organization, and perhaps one child in charge of reading the sale ads, looking for bargains on what you already buy. Let them do the math with you, show them how sales work and how you will save money when you purchase items on sale or with coupons.

Investments

Investments and savings accounts are always a great way to teach children about saving for the future. Tell them what interest rates are, and teach them what stocks and bonds are, and how to invest money. Setting aside some time to learn with your child is a great way to educate the entire family on investments and interest rates.

All of these ideas are great ways to instill good savings habits in your children. Good saving habits today can turn your children into adults who know how to get into the family money management routine!

If you’re a parent who needs help with your cash flow, get back on track with a short term loan from Northcash.

The best part of having access to a credit card or many cards is the ability to leverage your good...
Get Cash Fast From Your Home You may have seen those “get cash now” advertisements online or TV commercials and...
If you’re like most people, your credit is your lifeline in tough times. One wrong turn can ruin that in...
If you want to save money, start by setting specific savings goals. Even if you get into the habit of...
For many people, the weekly grocery bill is one area where it’s easy to go over budget. Keep these cheap...
Your credit score is a number that most lenders use in order to determine your credit worthiness. If you are...
It can be hard to stay motivated to reach a savings goal. All it takes is one or two bad...
For most people, having access to high-speed internet both at home and mobile is a must in today’s world. From...
Navigation
Google+ Twitter Facebook


Northcash is an economic arm of the Fort Belknap Indian Community, a federally-recognized Indian tribe located in Hays, Montana. The Tribe and its businesses have governmental sovereign immunity and have not and are not waiving that immunity for any purpose associated with the consumer lending business of Northcash and therefore Northcash is not subject to suit by you or any third-party for any reason. CAUTION: IF YOU ARE NOT COMFORTABLE DOING BUSINESS WITH A SOVEREIGN INDIAN TRIBE THAT IS NOT SUBJECT TO SUIT, YOU SHOULD IMMEDIATELY DISCONTINUE USING AND ACCESSING THIS SITE. We may from time to time in our sole discretion and without notice to you modify the terms of this Agreement and/or change the rules that govern your use of our Site.

Who is providing this notice?

North Star Finance, LLC d/b/a Northcash, an economic arm of the Fort Belknap Indian Community.

This is an expensive form of borrowing, and it is not intended to be a long-term financial solution. Northcash loans are designed to assist you in meeting your emergency borrowing needs. The Annual Percentage Rate (APR) applied to your loan will vary depending on the pay period with the maximum APR on any Northcash loan being 795%. This is a term installment loan with approximate equal payments, but you have the right to prepay at any time. Any instances of late or non-payment may be subject to additional fees, such as NSF and late fees, as well as collection activities Before borrowing, we ask that you assess your ability to repay the amount you borrow.

You acknowledge that by submitting and completing the loan application that you are applying for a loan. We verify loan applicant information through credit reporting agencies such as Clarity, Factor Trust, and DataX. We may obtain your credit information in order to determine your eligibility and ability to repay.

Northcash does not lend to residents of Arkansas, California, Georgia, Maryland, Minnesota, Montana, New York, Pennsylvania, Virginia and West Virginia, or to members of the military or their dependents.

The availability of online installment loans are subject to change at any time at the sole discretion of Northcash.


OLA Badge