Family Crisis 101: Finances

615 Words3 Pages
My case study family is facing a problem that a lot of families in the United States are facing. With our economy not doing so great, families are really struggling with finances. The price of necessities such as food, clothing and gas are rapidly increasing. To be able to afford these basic essentials, couples have been having to work more hours and are losing precious time they could be spending with their family. According to the article Money Matters: Be Open With Kids About Cashflow, “Setting an example with good money habits, along with open communication, is the best way to start your children on the path to learning about money.” It’s extremely important that children learn and understand the value of money at a young age so they can be prepared for the future. If children see their parents using good money habits, they will most likely follow in their footsteps and avoid financial problems. Parents should start teaching their kids financial skills by giving them allowance. In the article, Moms Talk: How Do You Handle Allowances, it says, “Money management skills have always been important to a person’s success, but in a weak economy those skills become even more crucial.” The article also mentions how giving the children allowance will teach them important skills such as budgeting, saving, giving and spending responsibly. My case study family has already started an allowance system with their oldest son. Although he is only 3, he gets a small amount of money for doing little chores such as picking up his toys and brushing his teeth by himself. The family uses a chore chart and the 3 year old gets a sticker every time he finishes a chore. Not only does an allowance teach kids financial skills, it also teaches the child responsibility as well. As parents, they have to make their children aware of the finances in the real world. In the

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