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Tips on teaching kids about money

This might be one of those things you think about from time to time, but I think teaching kids about money in the early years will set them up during their life.

I am a mother of 2 boys and have tried to install good money and spending habits. I have tried to teach them the value of money and how saving up for something is much better than buying something on credit.

Saving is such a long-term habit and could make a huge difference in a kid’s life if you teach and start them young. Even pocket money or making them do some more chores around the home for a bonus at the end of the week ie match a dollar for a dollar in their bank account for example.

It is about teaching kids’ simple strategies about the difference between wants and needs.

A great place to start it explaining the basic needs, ie food, water, shelter, you can reinforce the concept of a want versus a need. When you go shopping with your child and they have asked for a treat when you walk down the confectionary aisle. Unless it’s a special occasion, firstly don’t walk your kid or kids down that aisle (bad idea), but unless they have earned it during the week, then it is a treat for them, because they washed dad’s car or helped put clothes on the line.

Kids should be given goals, it’s too easy to give kids everything they want, they won’t appreciate working for things like cars and houses as they get older if you as a parent have just always given them what they wanted, when they wanted.

Get kids to make a vision/goal board and help them write out what they want and how they can reach that goal. Let them earn their own money and they can start ticking off that vision board each item they have worked for, be it doing more chores around the house for pocket money or saving more each week into their bank account.

Show them and explain to them about compound interest, the earlier and quicker they start saving it will grow so much in only a few short years.

I realise this isn’t so much bookkeeping related, but I think it’s an important one to touch on, as adults if we are clever about money, we can to be saving money and using our money wisely in business.

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

We are a full service, insourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!

 

If I had a little money, it’s a rich man’s world

‘I work all night, I work all day, to pay the bills I have to pay
Ain’t it sad

And still there never seems to be a single penny left for me
That’s too bad’

Now, I’m not going to write all the lyrics of that famous ABBA song. Money, Money, Money, but I do want to talk about money. Why is it so important to small businesses? Money is ‘gold’ when it comes to small business, all businesses large or small need cash-flow.

Money does help to pay the bills, helps expand a business, pay’s the employees and also helps to pay for marketing and websites and a new CRM program or equipment and material for example. It is one thing we all need. Though when it comes to business, it is one thing we seem to not have a lot of, or we are always chasing clients for payment.

This is where a ‘bookkeeper’ comes in handy, making sure your income and expenses are entered into correctly, that you are aware of your profits and losses, how much tax you have to pay. Your incoming and outgoing expenses and just the general efficient running of the ‘money’ side of your business.

So why don’t all businesses utilize a ‘bookkeeper’?

It is the most important job to do for any business owner.

If you are out there making sales, getting work in only to not receive dividends of your hard work, then basically you are working for ‘fresh air’.

No one wants to work for ‘fresh air’ we work for ‘money’.

I hear you saying, but we do it for the love of it, deep down we all know we still do it for the money. That’s what business is about, it is difficult at times and some months are better than others, but don’t let this part of your business fail, because if it does, there won’t be a business.

Review your business model, look at utilizing a bookkeeper and know that you will have ‘money’ always in your account, not ‘fresh air’ and to add, it’s not a rich man’s world anymore!!!

Maree Punzet | Maree’s Mobile Bookkeeping | 0429 363 047
You didn’t go into business to do your Payroll and Bookkeeping, BUT WE DID

We are a full service, in-sourced Payroll and Bookkeeping business that puts money back in your pocket. Our team works like a full-time employee and part of your business when it comes to processing your Payroll and bookkeeping, but without the cost or other concerns full time employees bring.   When compared to a full-time employee, we give you all the benefits and more but save you around $60,000 a year in costs, makes good financial sense!!