Tony Wiley Chicago : All parents have one major concern that when their children will start taking money decisions wisely. Most of the parents complain that their kids become very casual about their spending habits. This happens because parents don't consider this learning as important as other day to day learnings. It is extremely important to tell your kid about the value of money. All the kids must know that their parents have to put in a lot of efforts and hard work to meet all their expenses.
If your child is in the 6-10 age group, then you can easily involve them in the preparation of the household budget. It won't be easy for them to pick up things too quickly, but gradually they will learn to allocate money to different parts of your budget. You may ask them to assist you in preparing the shopping or grocery list. Children aged 10-15 are grown up to take the responsibility of setting the household budget. You can allocate them different tasks and ask them to complete the same under your supervision.
By discussing the expenses that occur weekly, monthly or annually, you are helping them understand the importance of money. Your kids will learn to take better decisions in the future. This learning will definitely help them to utilize their money at right outlets instead of spending it without any planning.
Be honest with your child and explain your financial situation. You must say No to your kids if you can't afford to buy anything from them. Expose them with facts and explain the difference between things they desire and things that are necessary. Teach them to buy all the needed items first and then anything. Your kids will learn saving and planning money before they reach a stage where they have to take big financial decisions alone.
Kids above 15 years of age should be asked to set goals for their future. They can start saving for things they want to buy or for any vacation that has been on their mind for long. Further, you can also encourage them to start saving for their higher education. BY taking these steps, you are making your kids more responsible and exposing them to the harsh realities of life. They will get more brave and courageous to combat any crisis situation with this learning.
If your child is in the 6-10 age group, then you can easily involve them in the preparation of the household budget. It won't be easy for them to pick up things too quickly, but gradually they will learn to allocate money to different parts of your budget. You may ask them to assist you in preparing the shopping or grocery list. Children aged 10-15 are grown up to take the responsibility of setting the household budget. You can allocate them different tasks and ask them to complete the same under your supervision.
By discussing the expenses that occur weekly, monthly or annually, you are helping them understand the importance of money. Your kids will learn to take better decisions in the future. This learning will definitely help them to utilize their money at right outlets instead of spending it without any planning.
Be honest with your child and explain your financial situation. You must say No to your kids if you can't afford to buy anything from them. Expose them with facts and explain the difference between things they desire and things that are necessary. Teach them to buy all the needed items first and then anything. Your kids will learn saving and planning money before they reach a stage where they have to take big financial decisions alone.
Kids above 15 years of age should be asked to set goals for their future. They can start saving for things they want to buy or for any vacation that has been on their mind for long. Further, you can also encourage them to start saving for their higher education. BY taking these steps, you are making your kids more responsible and exposing them to the harsh realities of life. They will get more brave and courageous to combat any crisis situation with this learning.