TexasEscapes.com HOME Welcome to Texas Escapes
A magazine written by Texas
Custom Search
New   |   Texas Towns   |   Ghost Towns   |   Counties   |   Trips   |   Features   |   Columns   |   Architecture   |   Images   |   Archives   |   Site Map

Columns

Columns | Go Far With Kovar

Teaching Your Children About Money

by Taylor Kovar

Hi Taylor - I just started giving my kids (8 and 10) a weekly allowance. I want them to have the freedom to spend it as they choose, but I'd love if they used the money wisely. Any tips for teaching/tricking them into making good financial choices? - Dave

Hi Dave
- The line between teaching and tricking gets blurred at times, doesn't it? In some cases, you might have to get crafty if you want to keep your kids from spending every dollar on candy. That said, I find children can learn to appreciate money when you offer some good context. Here are a few tactics that I've seen work.

1. Show how patience pays off. Grab a calendar and sit down with your kids. Do the math to find out how long they would have to wait to save enough up for a certain toy. When that's figured out, it's just a matter of checking off days until the allowance money has built up sufficiently. Most kids find a little excitement in marking the calendar every evening in anticipation of an event (like counting down for Christmas), and the whole process will be a great illustration of the value of saving. Show firsthand what it means to keep your money until you can get what you want, and that lesson will hopefully stick with your kids for years to come.

2. Teach them to plan ahead.
If your kids don't have a savings goal, they won't be inspired to spend wisely. Then, when something comes along that they absolutely have to have, the money won't be around with which to buy it. Explain the importance of keeping their eyes on the prize, setting lofty goals and working hard to get what they want.

3. Help them appreciate what they have. In addition to reminding myself how lucky I am, I try to make sure my kids are aware of their good fortune. If your children get an allowance, they're pretty blessed, and it's important they understand that. Granted, it can be very hard to make a child see how good life is when something's just gone wrong, but money can actually provide a good vehicle for explaining these concepts. If you can make your children feel lucky to have any money at all, it's more likely they'll hold onto it and treat it with respect. If you can get that lesson taught early, your kids should be in great shape going forward.

Teaching your kids about money can be very rewarding. There will be times when your patience gets tested, but it's all worth it in the end. Best of luck!


Taylor Kovar May 26, 2020
More "Go Far With Kovar"
Legal Disclaimer: Information presented is for educational purposes only and is not an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. To submit a question to be answered in this column, please send it via email to Question@GoFarWithKovar.com, or via USPS to Taylor Kovar, 415 S 1st St, Suite 300, Lufkin, TX 75901.

"Go Far With Kovar"

  • Can I Still Afford to Retire After the Coronavirus? 5-20-20
  • Is Now the Time to Invest in Real Estate? 5-12-20
  • Good Summer Jobs for Teenagers 5-6-20
  • Tackling Student Loans and Credit Card Debt 4-28-20
  • Laid Off: I Can't Afford My Car 4-22-20

    More »

  • More "Go Far With Kovar" ›

    More Columns

     

     

     

     

     

     

     

     


     


     


    Texas Escapes Online Magazine »   Archive Issues » Home »
    TEXAS TOWNS & COUNTIES TEXAS LANDMARKS & IMAGES TEXAS HISTORY & CULTURE TEXAS OUTDOORS MORE
    Texas Counties
    Texas Towns A-Z
    Texas Ghost Towns

    TEXAS REGIONS:
    Central Texas North
    Central Texas South
    Texas Gulf Coast
    Texas Panhandle
    Texas Hill Country
    East Texas
    South Texas
    West Texas

    Courthouses
    Jails
    Churches
    Schoolhouses
    Bridges
    Theaters
    Depots
    Rooms with a Past
    Monuments
    Statues

    Gas Stations
    Post Offices
    Museums
    Water Towers
    Grain Elevators
    Cotton Gins
    Lodges
    Stores
    Banks

    Vintage Photos
    Historic Trees
    Cemeteries
    Old Neon
    Ghost Signs
    Signs
    Murals
    Gargoyles
    Pitted Dates
    Cornerstones
    Then & Now

    Columns: History/Opinion
    Texas History
    Small Town Sagas
    Black History
    WWII
    Texas Centennial
    Ghosts
    People
    Animals
    Food
    Music
    Art

    Books
    Cotton
    Texas Railroads

    Texas Trips
    Texas Drives
    Texas State Parks
    Texas Rivers
    Texas Lakes
    Texas Forts
    Texas Trails
    Texas Maps
    USA
    MEXICO
    HOTELS

    Site Map
    About Us
    Privacy Statement
    Disclaimer
    Contributors
    Staff
    Contact Us

     
    Website Content Copyright Texas Escapes LLC. All Rights Reserved