Teaching your children the value of dollar has always been and will always be extremely important. View this presentation to learn how you can use everyday opportunities such as grocery shopping and shopping at live auction to teach children.
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Teaching your children the value of dollar has always been and will always be extremely important.
Experts strongly encourage parents to teach their children about the value of money and to work to foster positive habits and attitudes.
They advise parents to use everyday opportunities such as paying bills, grocery shopping, shopping at live auction, withdrawing cash from an ATM and visiting a bank to teach their children.
These lessons can begin as early as age three or earlier if the child begins to ask about money. This presentation will provide a few tips that will help parents teach children the value of dollar.
It is important for parents to talk to their children about how you earn an income and how to plan carefully when spending.
When you take your child to a grocery store, you should explain to your child why you purchase the products you are purchasing.
For example, if you buy an item in bulk because it is on sale, explain to your child the importance of buying items at a discount.
Live auctions are another location where you can teach your children the importance of purchasing quality items at discounted prices.
Even if you are extremely financially successful, it is important to avoid being over indulgent and purchasing your child everything they ask for.
If you simply fulfill your child’s every request, you may deny your child a few things: motivation to work hard; appreciation for material things and things that cannot be bought; persevering through frustration and obstacles and the importance of achieving a goal.
It is important for parents to learn to say no to their children and to stay firm.
When your child is the proper age, begin to give them an allowance, you may want to associate this with chores.
However, it is not necessary but you do want to provide some general guidelines on how to save and spend money.
You can encourage your child to save money for an item they desire or advise them to bring their allowance along to the grocery store or live auction and decide if they want an item enough to purchase it with their own money.
Teach your child the importance of giving and the good feeling that can be associated with sharing his or her income with a friend or family member.
Encourage your child to contribute regularly to a charity or donate money at church.
You can also give your child the responsibility of purchasing birthday presents for friends or family members.
Being a good financial role model may be the most important element to raising financially responsible children because children are more likely to imitate what they see as opposed to listen to what they hear.
You can take your children to a live auction and teach them numerous financial lessons. Live auctions offer attendees the opportunity to preview items and can help teach children how to determine the value of an item.
Live auctions also provide parents the opportunity to teach children how to dictate costs and properly budget money. Finally, these live auctions offer parents the opportunity to teach their children the importance of purchasing quality items at a fraction of retail prices.
Deb Weidenhamer is President of Auctions Systems Auctioneers & Appraisers, Inc., based in Phoenix, Arizona. They specialize in auctions and professional appraisals. Visit us at http://www.auctionandappraise.com/ or call 800-801-8880 for more information about our live auction company.