Teaching your Kids about Money
Wednesday, June 27th, 2007We want to give our kids the best, but that includes a sense of financial responsibility, and “dollar sense.†If they keep screaming, “Buy, buy, buy!†then it’s time to put a few ground rules.
• Make them work for what they want. They can take odd jobs around the neighborhood or do extra chores at home. Don’t pay them for things they really should be doing—like washing dishes or studying—but they can take over services you’d be willing to pay someone else, like washing the car or mowing the lawn.
• Open a bank account in their name. You can agree to deposit a percentage of their allowance, or any money they receive for birthdays or Christmas.
• Let them handle some part of the budget. When they’re older, you can ask them to do the groceries (they’ll learn how to stick to the list and watch the budget) or deposit bill payments. It’s a good way of subtly letting them know the cost of running a home.