Money Management: Teaching Children the Basics

Child Sculpting Hand
Try thinking back for a moment, do you remember the first time you understood what the value of money is?

I was a child, maybe 5 or 6 years old, I asked my mom for 99cents for some candy or baseball cards, I don’t remember what it was exactly that I wanted to have, but, I know for sure that I needed a specific amount of money to get something I wanted, from a shop. At that point in my life I started understanding what money is.

My 2 year old niece uses the word money as part of her vocabulary. For example: when she hears coins hitting the floor she would say immediately, money! We both know that she has no idea of what money is, but, I guess as far as she is concerned the word is important enough for her.

Managing Money at Home

By being a good role model you are in fact teaching the child with out talking too much, what money management is. Once they see you involved with managing money they will be curious and if your child acts responsible and even for a moment asks you anything related to personal finance never push them away. Tell them the answer to their question in a way they can understand. Try not to use the phrase “This is for grown-ups”; they might just wait to grow up before they ask you again…

The main idea is to let your children help you with managing money by letting them manage their own and at the same time making it fun and worthy for them and for you. So every child at a certain age should have a money management plan for his capabilities, remember, we are trying to implement the habit of managing money, so that in time it will be a lifestyle and a good one too.

Hoping School will do the Work

What ever your child studies at school is necessary. The books that the child learns history from or worksheets that he takes home to study with will help your child get a degree, but they won’t help do his monthly budgeting or manage his cash flow, will they?

As a child, did you have a class that teaches finance or even basic money management? If you did than you’re lucky, that’s the way it should be.

I think more than just teaching your children at home how to manage money there should be classes at school, just like math and science, which teach personal finance and money management. That’s something your child will use for life!

If you are a 6th – 12th grade teacher you might find this money management lesson to be fun, interesting and refreshing for yourself and your students.

Here is a great site I found that will help you teach your children how to manage money.

What other blogs say about children money management

» Should You Pay Your Kids for Good Grades? @ fivecentnickel.com – @Nickel:. Maybe you could make more clear the exact reason you are giving the allowance for. Although from the article, I gathered you do it as a way to train your children in the ways of finance & money management. DebtFreek! …

Money Management for Kids: Tips to Raise Money-savvy Children – Parents can cultivate good money habits in children by encouraging them to spend and save money wisely from young.

Pantagraph Blogs & Columnists » Several things can help teach kids … – Several things can help teach kids money management skills. Filed under: Hearts at Home — Jill Savage @ 12:00 am. Every child has a financial personality. Three of our children are savers. Two are spenders. Of course, they take after …

Shaping Youth » Money Management for Kids: Chores, Allowance … – Money Management for Kids: Chores, Allowance & Digital Nagging. Part Two of our interview with PAYjr CEO David Jones includes one of the rarely used aspects of PAYjr’s chore and allowance program (only 5% evidently) where parents can …

Teach Children about Money Management at a Young Age – If you have children it is important that you give them the knowledge they need to succeed. And while “book smarts” are very important, you must remember to teach your children about money as well. This is not a subject that is always …

How Do Bad Credit Ratings Affect a Student Loan?

Applying for a student loan may seem to be a simple procedure – and it should but, for some reason students with bad credit seem to have troubles being labeled as “bad credit” when applying for a loan. Truth of the matter is that students with bad credit ratings can get approved for a bad credit student private loan. They may also get approved for a federal student loan, where credit checking is not required.

Bad Credit Federal Student Loans Approvals

One of the biggest benefits federal student loans include is the equal opportunity for every student. Bad credit history does not mean a thing to the lender when applying for a federal student loan. Lenders assume that the student continued from high school to college and therefore, didn’t have time to build his credit history.

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Private Loan for a Student with Bad Credit Ratings

If you have defaulted federal student loans your next best option is a private student loan. Private loans for students with bad credit are usually higher than any other type of student loan. By using an online student loan payment calculator you will be able to find the best rate and future repayment plans.

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Income Sensitive Student Loan Repayment Plans

In most cases, student loan repayment begins 6 months after graduation, leaving school, or when a student drops below half-time enrollment. Knowing you will have to pay back the loan makes choosing the best repayment plan essential. There are different repayment plans available for student loans however; the most outstanding one is the Income sensitive repayment plan.

What do Income Sensitive Repayment Plans Offer?

This unique student loan repayment plan works with to your income. Whether you have obtained Federal student loans or private student loans, when grace period is over you will begin repaying your debt. With an income sensitive repayment plan your monthly payment will be lower at the beginning and increase every 2 years. Furthermore, you will pay back the loan based on a percentage of your income. This plans works well for students with bad credit seeking a private loan.

An Income sensitive repayment plan is known to be very flexible. With flexibility comes higher interest and you may find that this repayment plan is not the best for you. To find the best student repayment plan use an online student loan payment calculator. Also try to compare a few student loan offers before choosing any repayment plan.

Changing an Income Sensitive Student Loan Repayment Plan

If you have borrowed a few loans and its time for repayment but, you decided to work with a student loan consolidation program to reduce the headache of managing several monthly payments, you will be able to choose a new repayment plan. Refinancing or consolidating student loan debts is actually applying for a new loan and paying off all the old ones at once. Logically, your initial income sensitive student loan repayment plan will be over with.

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No Success with Federal Student Loans, Are Private Student Loans OK?

Defaulted federal student loans are one of the main reasons for not getting approved for a federal student loan. Bad Credit is not an issue when it comes to federal loans. The lender assumes that the student will go from high school to college and therefore, could not build a credit history. If you’ve tried and for any reason your student loan application was declined, a private loan for a student with bad credit can be the next best solution for you.

Private student loans for students with bad credit ratings will naturally carry higher interest rates than federal student loans or private loans for excellent credit ratings. Using student loan payment calculatorswill help you compare offers for different online lenders and by choosing a proper student loan repayment plan you might even be surprised of getting an attractive student loan offer.

School is Over, Why Stay Stuck with Bad Credit?

Once you’ve graduated, grace period (lasting up to 9 months depending on the loans you have obtained) will begin. During this time you can start looking for a job and choose your student loan repayment plan. If you have borrowed a minimum of $7,500 in more than one student loan, joining a student loan consolidation program will be beneficial. Not only will you benefit from a fixed, lower monthly interest rate and payment but, consolidating your student loan debt will also improve your bad credit ratings.

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About the Author:

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