Discuss price versus product

For example, when you are at the supermarket, pick up a couple of boxes of cereal and say, "this Rosetta Stone V3 one costs $2.50, and this $4.50. Which should I buy?" In age-appropriate language, discuss why you would - or wouldn't - choose the less expensive box.At the checkout counter, hand your child the bills and allow him to pay for what you've chosen together. That action will help him understand that things don't magically appear, but are bought and paid for. If you use a credit card for purchases, make sure you explain that there will be a bill at the end of the month that must be paid by a specific date.Teach the work-income connectionBefore heading off to work, take a moment to explain that you are going not just because you like your job (associating work with enjoyment and fulfillment is also an important lesson), but to earn an income so you can pay for the things you need to buy for the household. Keep it simple, light, and positive.As your child gets older, keep the lessons up but increase their complexity. Read the business section of the newspaper together and discuss the basics of economics. If you are fuzzy on the details of how the stock market works or the impact of taxes in our lives, make a commitment to learn more - and to share that knowledge with your child.Talk about marketing and advertising as Rosetta Stone Latin America Spanish well. The average child views over one hundred advertisements on any given day. Use many different resources, such as the Internet to show how and why different types of advertising work. While it may not change the fact that your daughter wants a hundred dollar pair of jeans, she will at least be aware of why she desires them.Allow them the opportunity to make mistakes and have successesGiving money to children is a very hot topic, and there are a great many philosophies about how and when to do it. Each family has their own way, and what works for you and your kids may not for the family down the block. Also, it's important that you teach your children that money and financial information is not something that should be discussed with people outside your immediate family.Whether you give an allowance that is based on chores, or money is freely given, or you provide a "base salary" with an opportunity to earn bonuses, make sure you give your child the chance to make mistakes. Made on a small scale, a mistake such as blowing a months' allowance on a toy that immediately breaks can be the most effective learning device around.Emphasize SavingMany children are natural savers; stockpiling coins like squirrels hoard nuts. Others have to be taught to sock money away. But whether saving is innate or learned, it should always be encouraged and praised. Once again, the best way to teach is to lead by example. Talk about saving - what you do, how you do it, what you are saving for. Your excitement and commitment will be transferred to your child.Teaching children about money - how to earn, use, and save it - can be a very enjoyable experience Rosetta Stone Arabic for all involved. However, to be the most effective instructor, you may have to change some of your own notions and habits, or learn a little more than you know now. The end result will be children who are more apt to survive the lean times - and maybe teach you a thing or two when they get older!Pacific Oaks Federal Credit Union [Rosetta Stone] continues to be a financial steward to Ventura County; firmly committed to helping our members and the residents of Ventura County achieve their financial goals.