Home Finance Guru
| Register

Ask 2 Experts
1. How To Host A Budget Friendly Adult Birthday Party
2. How To Live Large Without Breaking the Bank
3. Til Debt Do Us Part
4. Top 10 Power Couples of All Time
5. Sweetie, Want to Run a Business Together?
6. Q&A: Money Expert Jacquette M. Timmons
7. Take This Career and Shove It!
8. Recession-Proof Your Relationship!
9. Budget Boot Camp
10. World Changing Couples
Advertise With Us!
Q: How do we go about teaching our kids the value of money?

Diana says...
This is an ongoing challenge for parents: One strategy that works for many families is to set up two different piggy banks for each child. Money received from allowance and gifts can be divided up into a spend-it-on-anything bank and a savings bank for something more expensive, like a new bicycle. For the longer-term money jar, discuss a percentage to sock away each time, and watch the money grow. The kids will make mistakes along the way, but they’ll learn important hands-on lessons.

Diana Cawfield is an award-winning financial writer with more than 10 years experience. Send her your questions here.