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Giving Back, Putting Money into Perspective
By Mike Morland
Teaching a child the importance of giving back to those less fortunate may be one of the most valuable lessons they can learn.
Any parent can attest to their child going through the “mine” stage. It’s human nature from its earliest stages to want comfort and security in their possessions and surroundings. However, as a parent, it’s important to teach your child the significance of giving back.
It’s not always easy to explain to a child how “need” and “want” are two very difference necessities to life. Even though your child may beg and plead that they need that new toy, it’s important they know that even though they want it, they don’t really need it. One of the best ways to encourage giving behavior is by putting it into perspective.
Perhaps your child wants a new, expensive toy. Explain to them that as much as they want the toy, there are children in the world that can’t afford any toys. Offering to buy them a different (and less expensive toy) shows them the importance of not being selfish. Also, propose to your child that together you can buy an inexpensive toy with the difference and donate it to someone less fortune.
This lesson curves selfish behavior into a selfless act and building a charitable heart. By including your child in the decision to take less in order to give more, it allows them to understand more clearly why they don’t need everything they want.
As your child grows older, lessons such as these can be a springboard into smart financial decisions. Donating old toys, clothing and other household items show the value of items to different people. By teaching your child to be efficient with their belongings, they may be more inspired to make the most of the money they have.
There are many ways a child can get involved and give back as they grow older. Organizations such as St. Jude Children’s Research, and Habitat for Humanity to name a couple offer opportunities for your child to get involved, give back and put the world into a better perspective. Talk to your child and find out what’s important to them, then set up a charity goal within FamilyMint so the idea of giving is always in front of them.
Giving back teaches your child the skills of being able to do more with less. This lesson will roll over into many aspects of their lives, including a true understanding of financial needs and wants. The better they understand this difference, the more likely they will make smart financial decisions as they get older.
Copyright Giving Back, Putting Money into Perspective © 2011 FamilyMint. All rights reserved
Self Control is the Real Lesson of Budgeting
By Jayne
Berkaw
“Right now I have enough money to last me the rest of my life – unless I buy something”
- Humorist Jackie Mason
Anyone who can relate seriously to Jackie Mason’s quip has never been taught how to budget. As parents, we have a responsibility to build our children into adults who don’t just cope, but thrive. A lot of it boils down to teaching them self control in making good daily decisions, including how they manage themselves – and how they manage money.
Everyone has their own approach to parenthood, but there is no replacement for teaching your kids how to thrive by showing them how you yourselves thrive. Talk to them about the expenses you manage, like mortgage/rent payments, utility costs, phone bills, food and other regular expenses you must plan for each month. Then talk to them about the “things” you want to have and how you plan to save and pay for those variable expenses. If you’re saving for a 60” plasma TV, talk it over with your kids. Explain how much the TV costs, how much you are saving for it weekly and, at that rate, when you will have enough money to make the purchase.
Take the mystery out of the family finances by sharing the basics of the family budget with your kids. Talk to them when you’re in the store, at the dinner table, whenever a “teaching moment” presents itself. Then get them started on their own budget through an allowance.
With an allowance, you and your kids can set up fixed “costs” like savings and charitable giving, and variable costs like treats and snacks, toys and movies, etc. You can allot a percentage of their allowance to each budget item, and you can review progress regularly. With FamilyMint, you can break savings down into goals like college expenses, computer/technology wants and needs, or even savings for a new bike, video game or snow board. You can show them how saving a bit more each week will help them reach their goals earlier. They can move their funds around to make that happen in a colorful, fun virtual environment that will keep them coming back!
You want your children to have enough money to last the rest of their lives, so keep them grounded in the reality of financial limitations and responsibility.
Copyright Self Control is the Real Lesson of Budgeting © 2011. All rights reserved
Grow Citizens of the World
By Jayne Berkaw
As a member of the Baby Boomer Generation, I heard a lot about the emerging “global economy” as I was growing up, but kids of the 21st Century are truly residents of a global community, where technology-driven news, culture and communication is shrinking our planet more every day. Today’s parents, more than ever before, are tasked with helping their children become responsible citizens of the world.
A lot goes with that responsibility, but one key component is nurturing a charitable heart in your children. In all the reading I’ve done about teaching kids charity, most of the experts believe that this is one area that must be “learned,” so charity, it seems, does actually begin at home, as the saying goes.
Religious traditions are extremely helpful in creating a “giving” environment and the opportunity to donate both time and money. In addition, you can discuss with your child what’s important to her or him and, together, search for charities that address that concern. It might be a greener planet, helping children in the developing world, or support for a local soup kitchen. The key is focusing on one or two issues that really tug at your child’s heart and then establishing a plan (to donate time, money or both) that will motivate your child and allow him or her to be successful.
You don’t have to be a Bill Gates or Andrew Carnegie to learn about philanthropy and to grasp that giving of yourself is satisfying, rewarding and helps create a better world. Through its goal-setting feature, FamilyMint.com facilitates giving and visually shows progress, a powerful tool in building your child’s ability to think beyond themselves .
The Benefits of Giving Back
Charity is the greatest of virtues and like any virtue requires training, discipline and patience. As any parent can attest, human nature can be inclined towards selfishness even in our youngest children. If a child has two toys, will he hold onto both instead of giving one of the toys to his brother? If she has two cookies, would she rather eat both or share one with her sister? Charity is something that needs to be taught and nurtured early in life. It starts out by repeatedly saying “share that toy with your brother” or “give your sister the other cookie.” We explain why we share and how it makes the other person feel. Although the child may give begrudgingly at first, it is a foundation from which untold future benefits will flow.
Through the act of giving, children start to build an understanding of needs outside of their own. They begin to learn about sacrifice and thinking of others before themselves. From this early foundation they are taught to see the good in giving to their family members, their friends, their church, or numerous other organizations that help out those less fortunate.
Through acts of charity we build an appreciation for the things we have, both big and small. FamilyMint is a great tool for instilling the virtue of charity and providing teachable moments as to the good in giving. By creating a charity goal, a constant visual reminder is given to the children every time they log in.
“One man gives freely, yet gains even more; another withholds unduly, yet is the poorer. A generous man will prosper; he who refreshes others will himself be refreshed.” Proverbs 11:24-25
Copyright The Benefits of Giving Back © 2010. All rights reserved
The FamilyMint Minute – May, 2010
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This month, as we honor the memory of those that died in the service of the military, FamilyMint is honored to receive an award from This Old Schoolhouse (TOS). The TOS crew voted for the vendors that they thought were special and had a product they considered to be outstanding. We are pleased to inform you that FamilyMint won for the category of ”Most Family-Oriented Product”!
wo toys, will he hold onto both instead of giving one of the toys to his brother? If she has two cookies, would she rather eat both or share one with her sister? Charity is something that needs to be taught and nurtured early in life. It starts out by repeatedly saying “share that toy with your brother” or “give your sister the other cookie.” We explain why we share and how it makes the other person feel. Although the child may give begrudgingly at first, it is a foundation from which untold future benefits will flow.
Kids and Money – Practical Tips for Parents
USAA recently had webinar program with experts answering parents questions and providing tips around kids and finances. Topics include:
- Raising financially savvy kids
- Teach the value of saving
- Share money lessons
- Be a good financial role model
Very interesting program covering numerous common questions and concerns parents have.