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Money Mama
Teaching Kids About Cash Ensures Financial Futures
By Kim Seidel
"I've learned that my daughters will have such an incredible advantage with their futures knowing how to make smart money choices," says Fish. "To give back to a cause they believe in empowers them to really feel they do make a difference and to save for their futures."
Next, keep a positive attitude when you discuss money with your children, Mackey says. "Sometimes we have a tendency to talk bad about money when we do not have as much as we like to have," Mackey says. "Never say in front of your children that money is 'dirty,' 'filthy' or 'only for the wealthy.' Money is a piece of paper; it has no feeling and is not picky with who has it."
Showing your children to value money in their early years by giving them an allowance also is important to the process. "The best way for a child to value money is by having them spend their own money [for the items that they want]," Mackey says. "It is a known fact that our children will spend our money three times as fast as they will their own money."
Helfert advocates having children earn their own money. "If children want something they see at a store or on TV, make them pay for it with their own allowance," Helfert says. "They might even forget they wanted it, but if they still do, they will be pleased with themselves and their accomplishments."