What You Can Teach Your Kids About Money

by Alix Montoya

As parents, one of the many things that we can teach our kids something they’re not learning from school is how to handle money. The global crisis everyone is talking about can in fact be a way for you to teach your children a couple of new things about life and about better care of money. This will surely make them grow up to be responsible adults.

You can teach your kids to save the allowance they receive and you will be surprised at how much this will teach them how to appreciate money. It teaches your kids the importance of saving up for another day and lets them spend their money on things that they, and you find are more important. In fact, you can also try and convince them to start saving up for college as early as they can.

Saving up money also lets them buy bigger things. Show your kids that if they save up their allowance, just even once a week, they would be able to buy things like the newest videogame or even something that they have been wanting to have for the longest time. This way they’ll get to see the buying power money has and you can teach them how to shop like a smart consumer.

You should also try to teach your kids about keeping a sound budget. This allows them to foresee things in the future that they might need some money for. It’s always best to point out at an early age that sometimes there are things in life that we can’t predict so it’s always good to prepare for anything.

One good idea is to let them make some money on their own. If they are old enough, they can probably do simple jobs for the household or for the neighborhood. You can let them take up a paper distribution job or lawn mowing job every weekend. You can also suggest them to join in on crafting trade fairs and showcase their handiwork. If you’re a hobbyist yourself, you can share the moment with your child.

If your kids can learn all the good things that money brings, you can also teach them to become more responsible adults in the future. You should be careful never to overindulge as this might bring about a spending spree from your kids which, in light of the recent crises, you surely do not want happening.

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