There are many investments that we, as parents and adults, make as we grow older, but some of these have more of an impact on our lives than others. When I think of huge investments, I automatically think of buying our house and buying a new car. These are big ones, but there is another investment that is even bigger. What is it? Your own children! Yes, that's right! According to a report by USDA, it costs an estimated $295,000 to raise a kid from birth to the age of 17. That's a great deal of money and that isn't even factoring in the cost of a college education. I think my husband would pass out if he saw that total. The cost of raising a child seems never-ending, but you can ensure that your children have a better concept of the value of money by including them in family spending ideas and actions.
When I was growing up, I remember watching my parents sort out bills each month and knew we lived on a budget, but as far as how much money was spent and how money was saved, I was clueless. So, when it came time for me to move out and attend college, I had no idea my bills and rent would be so expensive and I certainly didn't know how to budget everything. I learned the hard way that teaching children about spending and money is a must to prepare them for their own futures.
How can we teach our children about money? Well, there are some great ways to include them in family money discussions according to Gregg Murset, owner of MyJobChart. Parents should never be afraid to discuss the costs the experience on a daily and monthly bases. For example, gas prices are so high these days, so this is something to talk about with kids because going to school and other after-school activities directly effects the amount of gas used. Take a look at the graphic above for more great ideas.
Do you engage your children in the discussion of money? Just by following some simple steps you can help them understand and grasp the concept of money much better. Plus, they will be more prepared when the time comes to move out one day. I sure wish my parents had included me in money discussions!