This week the Federal Reserve cut interest rates in an effort to help families all across the United States deal with economic hardships.  This includes families dealing with mortgage foreclosure, debt, and credit card problems.  Why do families get into trouble financially?  How can this be prevented?

One way that parents can prevent financial problems for their children is by teaching them about the value of money, how to spend it wisely, and how to budget it to meet their needs.  A common question raised by parents is how old should my child be when I start to teach them about money?  The overwhelming response to this question is that it is never too early or too late to start!  Young children can learn to count and sort money by value as well as recognition of types of coins and which coin can be used in certain situations.  As children grow older, they can use money to sharpen their math skills.

Teaching a child to save money is also a great way to start them on the path to financial freedom.  Buy them a piggy bank and teach them to watch their money add up.  If your child is begging for a new toy, set a saving goal with them.  Help them to understand that in order to buy things they have to save their money and not spend it foolishly.  Children feel a great sense of pride at being able to work towards a goal and accomplish it.  Saving money will not only help them financially, but it will also improve their self-esteem.

There are a number of great resources available to parents on how to teach children about money, including “Money Doesn’t Grow on Trees” by N. Godfrey and C. Edwards and Parenting.  Many local banks even offer savings programs for children to teach them the value of the dollar.  All it takes is for parents to start talking about money with their children. 

Who knows?  Maybe if more families would make raising financially responsible children a top priority, our country would not be in the economic trouble it is in today!

Parents today realize that technology is a part of their children’s day—even young children are exposed to electronics.  Technology and play have become interconnected and that is not going to change. 

According to David Walsh of MediaWise.org, the average American child:

• Watches 25 hours of television each week
• Plays computer or video games for 7 hours each week
• Accesses the Internet from home for 4 hours each week (among those who have Internet access)

Another source of technology trends can be found by reading the article, Tech Toys for Tots.  This article examines current trends in technology for young children demonstrated at the Consumer Electronics Show, first ever, “Sandbox Summit.” 

Limiting Screen Time

The American Academy of Pediatrics (AAP) feels strongly about recommending the amount of time children spend in front of a screen be limited.  For example, AAP cautions against screen time completely for children under age 2 and no more than one to two hours a day of quality programming for older children. 

Increasing Book Time

Parents have the primary role in influencing what and how much technology impacts their young children in their home.  A strong way to counteract the influence of technology is to think about these questions:

• Does your child, even young toddler, have their own library card?
• Do you make regular visits to your local library?
• Do you have books in your home?
• Is reading with your child a regular part of your routine?

We can acknowledge the influence of technology while pushing back to ensure children receive what they need in the form of books and time with caring adults.  The importance of activities and play (without screen time) will come from us—the adults and parents responsible for giving our children the best.

David Walsh, president and cofounder of the National Institute on Media and the Family and award winning author of the book, No, Why Kids – of All Ages – Need to Hear it and Ways Parents Can Say It, writes on how to raise successful, healthy, and self-reliant kids. 

Dr. Walsh has a no-nonsense approach to parenting.  As I read the book, I found Dr. Walsh to be very practical with his clear and thoughtful real-world suggestions on how parents can best set limits and his ‘food for thought’ in providing discipline that will change your family’s quality of life.  

In the book, Dr. Walsh discusses the most significant lifestyle change for your kids over the last decade.  Kids today spend 44.5 hours a week on average in front of electronic screens, more time than any other activity other than sleeping. As a result, children are exposed to over one million ‘yes’ messages a year, nurturing a rising epidemic of Discipline Deficit Disorder. 

Dr. Walsh goes on to state that the constant barrage of ‘yes’ messages undermines crucial character traits for success, including self-reliance, respect, integrity and the ability to delay gratification.  Research shows that self-discipline is twice as strong a predictor of school success as intelligence.  Saying ‘no’ as a parent is not easy.  It is natural to want what is best for our children.  We want our children to have more than what we had as children, just as our parents, wanted the same for us. 

If anyone is looking for a good read and learn powerful parenting strategies that work, check out No, Why Kids – of All Ages – Need to Hear it and Ways Parents Can Say It, by Dr. David Walsh.

Let us know what you think.