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Although the piggy bank is the first thing that springs to mind when we think about teaching kids money management skills, the reality is that these days, the money box should just be the first step in the process.

Teaching kids how to budget
One of the easiest and fastest ways to teach your kids the basics of budgeting is to set up the 'three jar' system. When they get their pocket money it gets divided up into three jars - one is for spending, one is for giving away to charity and one is for saving. Basically, you're setting them up with a mini version of your budgeting system. They get to decide how much to dedicate to each jar and you need to give them the chance to do some extra jobs to earn some additional 'savings' income.

Teaching kids to set goals
A great way to start teaching kids about setting goals is to have them save up for something they want to buy. Whether it's a PSP, a new bike, a computer, an iPod or a new toy, get them to set a goal and start saving toward it. If you want to help them along the way, set up a 'dollar for dollar' system, where you'll match what they save, but let them do the hard work and take responsibility for getting enough cash together to reach their goal. This technique instills a great sense of pride in a kid and also helps to stop some of the nagging that instantly buying them whatever they want can encourage.

Teaching kids to be self-reliant
The second part of teaching your kids to achieve goals is to stop telling them that they can't have stuff because 'we can't afford it'. This mindset will teach kids to simply give up or put things on credit, rather than teaching them the importance of working out how they can afford something. Next time your kids ask you for something that's beyond the budget, explain that buying it is not an option today and that they need to work out how they could go about being able to earn the cash to buy it. Giving them the chance to work out that you can't always have everything you want straight away is an important step in creating good money management habits, and if you back it up with helping them to figure out how to earn the money and save until they reach their goal, you'll be giving them strategies that will last a lifetime.

Teaching kids by being a good role model
We learn the vast majority of our money management habits from our parents. Have a think about what your kids are learning from you on a daily basis. Are they seeing you behave impulsively or responsibly? Are they watching you work toward your own goals or seeing you simply put everything on credit? Are you showing them how to be socially responsible by donating to charitable organisations or doing volunteer work if your budget won't stretch to cover donations? Are your kids aware of the family's financial situation or do they think that an endless supply of money just pops out of the ATM whenever you need it?

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People often say that their kids are too young to learn about money management, but the truth is that if they can count they're old enough to start being taught the basics. If you wait until they're ready to leave home to start teaching them the importance of good money management then chances are it'll be too late and they'll end up having to learn their financial lessons the hard way. Give them the best start in life by teaching them simple lessons the easy way, right from the start.

Analaura and Wilson Luna are private wealth advisers with over 20 years' combined experience in the financial services sector and founders of Your Family Your Money - a fantastic financial resource hub dedicated to making high-quality financial advice easily accessible for every family. Find more great information, advice, tools and resources for money management and wealth creation by visiting Your Family Your Money

While you're there, make the most of Your Family Your Money's FREE money management worksheets and calculators.

20 years ago the average family had 2 children, one parent who was the main income earner, and one home maker. Generally speaking, the father went to work and provided the income, and the mother stayed home to perform the unpaid work of raising the kids, doing the washing and making sure dinner was on the table and ready to eat by 6.00pm sharp. There was a definite equilibrium of balance.

Times sure have changed! Now days, it's almost a unheard of that one parent works while the other looks after the family. The average person working 9 to 5 seems like something from the Stone Age. Employers demand more, and employees happily oblige by increasing work loads and hours. Typically main income earner will leave before the kids wake up, and get home just in time to tuck the kids into bed. The secondary money earner has to fit managing the household and working part-time. Quite a challenge that most families face.

So how do you balance between Work Life and Family Life? There are two key factors that will help you create the balance that's right for your family.

1. Set Goals

If you don't have any goals, how will you know where you are going? Like a sail boat on the ocean you have to have a direct and a port to sail to. What are you aspiring to achieve? More than your career goals and aspirations, what about your personal life? Time with family, travel, vacations or maybe starting you own business. Write them down and then answer some simple questions.

a) What are your goals in relation to your career and family?

b) How would you ideally like to live your day, week, month, year?

2. Set a Timetable

Time Management is vital to succeeding in balancing your life. Once you have written down your goals, create a 24 hour timetable broken down into half hourly increments. Map out your day the way it is now. For example, 6.30 wake, shower and change; 7.00 breakfast; 7.30 out the door.
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Once you've accomplish this task try and identify pockets of time that can be used in areas that have been defined in your goal setting - like helping with your children's homework, spending time with your spouse, time out by yourself etc. This may seem tedious, but you would be surprised at how much time you will find to work on your goals, and start creating and living the balanced life you desire.

There is more to life than just working, and paying the bills. Know how you spend your time and you will gain the benefit of improved relationships with your loved ones and yourself.

We are all exposed to stress at various stages of our lives these days. It's become a fact of life. We talk about the reasons for our stress and we discuss various ways to alleviate it quite often, but how often do you talk about how it can upset the work life balance?

The pressure of deadlines to be met and decisions to be made, a lack of cooperation and problems with fellow colleagues, the children who have to be picked up from school, a tense relationship at home, plus a high consumption unhealthy food choices picked up in a rush on the way home from a busy day, all contribute to the reasons we can suffer from stress and stress related illnesses.

What is stress?

Stress is a mixture of psychological and physiological reactions of the human body. In many cases, stress is the emotional side effect of not feeling able to find enough time to do those things you know need to be done.

A good example of a stressful situation is spending more time than you should solving problems at work, while you spend less time with family and friends or less time finding ways to unwind from the pressures of your job.

When your work/life balance is unequal you risk putting excessive strain on yourself physically and emotionally.

How Can You Manage Stress?

Stress management is about developing new perspectives in our lives and learning time management techniques. When demands on your time from work absorb your entire focus to the exclusion of your family obligations, you're creating stress.

To help manage some of the stress generated from an unbalanced work life, you may need to consider delegating some of your extra work activities. You might also think about addressing your work load with your employer and explaining the need for more assistance with some tasks.

Creating a Balance between Work and Home

When you willingly pour yourself into your work and exclude those people who love you, it's a bit like admitting that their needs come a poor second-best to what your employer needs from you first. Most people instantly react to this statement by saying that they work so hard in order to provide for their families.
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Unfortunately, children don't see the distinction between you choosing to spend time away from them and needing to provide income. The sad fact is that many marriages also begin to suffer when your work-focus seems more important than the family you're supposed to be going to work to provide for.

Make a promise to sit down to dinner with your family each night. Not only does this force you to break your work-focus, but it also means sitting down to a relaxed meal with the family who love and need you.

Balancing Christian Values

Returning to our Christian values can also have a profound effect on eliminating stress. It seems that over the years we have let our Christian values slide into the background in favor of the "work at all costs" syndrome. Getting back to our basic values can aid us in managing and eliminating stress.

An integral Christian value is family and that basic value alone has reduced in importance as our need to spend more time working takes the focus. Take time out to spend some quality time with your family will not only reduce your stress levels, but it will bring you and your family closer together again.

We are all exposed to stress at various stages of our lives these days. It's become a fact of life. We talk about the reasons for our stress and we discuss various ways to alleviate it quite often, but how often do you talk about how it can upset the work life balance?

The pressure of deadlines to be met and decisions to be made, a lack of cooperation and problems with fellow colleagues, the children who have to be picked up from school, a tense relationship at home, plus a high consumption unhealthy food choices picked up in a rush on the way home from a busy day, all contribute to the reasons we can suffer from stress and stress related illnesses.

What is stress?

Stress is a mixture of psychological and physiological reactions of the human body. In many cases, stress is the emotional side effect of not feeling able to find enough time to do those things you know need to be done.

A good example of a stressful situation is spending more time than you should solving problems at work, while you spend less time with family and friends or less time finding ways to unwind from the pressures of your job.

When your work/life balance is unequal you risk putting excessive strain on yourself physically and emotionally.

How Can You Manage Stress?

Stress management is about developing new perspectives in our lives and learning time management techniques. When demands on your time from work absorb your entire focus to the exclusion of your family obligations, you're creating stress.

To help manage some of the stress generated from an unbalanced work life, you may need to consider delegating some of your extra work activities. You might also think about addressing your work load with your employer and explaining the need for more assistance with some tasks.

Creating a Balance between Work and Home

When you willingly pour yourself into your work and exclude those people who love you, it's a bit like admitting that their needs come a poor second-best to what your employer needs from you first. Most people instantly react to this statement by saying that they work so hard in order to provide for their families.
Classifieds Directory Jobs Blogs Yellowpages shopping Microblgs Web designing Web training Seo services Web development Sms Friends Hosting Bulk sms


Unfortunately, children don't see the distinction between you choosing to spend time away from them and needing to provide income. The sad fact is that many marriages also begin to suffer when your work-focus seems more important than the family you're supposed to be going to work to provide for.

Make a promise to sit down to dinner with your family each night. Not only does this force you to break your work-focus, but it also means sitting down to a relaxed meal with the family who love and need you.

Balancing Christian Values

Returning to our Christian values can also have a profound effect on eliminating stress. It seems that over the years we have let our Christian values slide into the background in favor of the "work at all costs" syndrome. Getting back to our basic values can aid us in managing and eliminating stress.

An integral Christian value is family and that basic value alone has reduced in importance as our need to spend more time working takes the focus. Take time out to spend some quality time with your family will not only reduce your stress levels, but it will bring you and your family closer together again.