Document Type

Other

Publication Date

6-1-2009

Keywords

financial practices, budgeting, financial decisions, consumer lessons

Extension Number

ExEx 14114

Department

Consumer Sciences

Description

In tough times and in good times, all family members should be involved in making decisions about money. Children grow in understanding and self-worth when they contribute to the resolution of financial problems. Including children in decisions involving money both prepares them to become wise consumers and brings the family closer together (Consumer Federation of America). Including chil¬dren in financial decisions can increase their appreciation for the financial challenges you face as their parent. Understanding your own values about money is an initial step in preparing a plan to limit family spending (as outlined in ExEx14065, “Thriving in Today’s Times: Sharing Values about Money”). Children and youth vary by age and developmental stage in their level of responsibility concerning money and finances, so keep this in mind when providing them opportunities to spend money to satisfy their needs and wants.

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