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how can I help my foster children to learn how to save and manage money

I think is important to teach all of our little ones to be responsible about money. Even when the money they get is very little. It can help in their future.

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Anonymous

Asked by Anonymous at 10:48 PM on Mar. 6, 2009 in Tweens (9-12)

Answers (6)
  • You can check with the case worker. The foster care office I went through provided classes for kids. The biggest focus was money management.

    Thank you for taking care of the kids no one else can. Good Luck.
    Mary_CoreysMom

    Answer by Mary_CoreysMom at 11:48 PM on Mar. 6, 2009

  • You did not specify how old the children were, but we actually let our children open savings accounts at a very early age. They learned how to write out the deposit slips and go to the teller to make or withdraw their own money. They learned pretty fast, how much a dollar was worth when they had to spend their own money.
    dlb99

    Answer by dlb99 at 7:25 PM on Mar. 7, 2009

  • I bought my grandkids a bank that had 3 slots. There was one for tithing (if that is something you want to teach) one was for savings and one was for spending. The one for spending was easily accessible as was the tithing one but the savings one was harder to get out! I don't even remember where I bought them but I'm sure an envelope would work.
    admckenzie

    Answer by admckenzie at 9:13 PM on Mar. 7, 2009

  • http://www.sixwise.com/newsletters/05/02/15/kids_and_money_5_keys_to_teaching_kids_money_management_skills.htm
    admckenzie

    Answer by admckenzie at 9:19 PM on Mar. 7, 2009

  • Well, I have a saving account for my children all three. They are 10, 6 and 1.

    When they get money ( I dont care if its a dollar), birthday money, rewards for report cards, ect.. I have them put all of their money into their saving account.

    My children at first didn't understand.. As they see their money increase. They become excited and now they always say " mother can we put or money in our saving account.

    I also, have a little piggy band in the house for each child.. I let them put their change in their piggy bank.

    At time they save their change and buy what they want.. I teach them to make sure they want the product.. will the product be worth while... They think about it before they but it..

    I let them make the choice.

    Most of the time they make the right decision.
    Start a saving account.. from time to time let him see the increae of his saving...

    My children have over 2,000 each in
    Elizabeth1837

    Answer by Elizabeth1837 at 12:40 PM on Mar. 8, 2009

  • The best way to teach your children about financial responsibility is to show them by doing! Start taking responsibility for your finances, start using coupons, start becoming more thrifty and let them see you doing this. Teach them to save for what they want.
    JamiDesigns

    Answer by JamiDesigns at 10:25 AM on Mar. 9, 2009

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