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Time and Money Management

Time and Money Management 10/11/19Time and money are precious resources.  Time and money decisions make a big difference in our lives.  Skills for learning to manage resources such as time and money are something to be learned, sooner or later. 

As adults, our attitudes and values about time and money were influenced by what we saw and heard (or didn’t hear) from our parents.  Now, as parents, what our children see and hear (or don’t hear) at home has a big influence on their attitudes and values about those resources.    

Values are feelings about what is important to us, and they help us decide on our goals.  Values change as we go through life.  The ways parents insure themselves, discuss time and money, and how they spend, borrow, save, share and invest those resources indicates their values and will affect a child’s value system concerning time and money. 

At a fairly young age, children begin to realize that money itself has no value, but that it is needed to buy things they want. With practice, anyone of any age can learn to save money and use time to reach goals.

Goals are things we want to achieve. Setting goals can help us get the things we want to buy. Like values, goals also change as we go through life.

Effective management of time and money is based on a realistic evaluation of individual and family needs, wants, values, goals and resources.

A “need” is something that is necessary, such as food, clothing or shelter. A “want” is something we would like to have.  Even as adults, it is good to remind ourselves of this fact and this important difference between the two.

To be effective time and money managers, we must meet our needs before satisfying our wants, and always remember that our children are watching and learning from us as we do.

Adapted from:  NDSU Extension “Money and Your Kids/Kids and Money” October newsletter

Photo Source: https://pixabay.com/illustrations/time-money-horizontal-speculate-1019889/ (downloaded 10/15/19)

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