- Help your kids understand where money comes from. Teach your child the value of work. Know where money comes from. I asked my son to put two bags of yogurt in the fridge. My son said, "Mom, why are you trying to get me to do your chores?" I learned it is so time to give him some responsibility!
- They need to learn to give, save, spend. I give my son $10 a week. He has to give $1.00, save $1.00, and can choose to spend $8.00. I also tell him that whatever he has saved at the end of the year I will double (to encourage saving).
- It is important to enjoy the money kids have earned. Teach them to look at the value of the products they purchase. Is one toy better quality than another?
- When you teach your children the value of hard work, they will be discontent with a mate that doesn't work hard. (good for their future)
- Make sure chores are age appropriate. Have cash available and pay instantly so they can understand the link between work and money. Some chores should be done because you are part of the family. For example: Do your own laundry, make your own bed...
- It's never too late to start. Apologize for not doing this in the past, but now we are teaching you to be an adult... When children learn at a young age, they will not be as likely to get too many credit card bills.
- Make a chart and show "Here is what needs to be done to make this much money."
- What we do with our money is how our kids will handle as adults their money much of the time. If your kids see you shopping when you are depressed, your kids will do it too. Spending money is not the answer to depression.
- Write down what you spend.
- Don't let the past dictate the future. Make changes today!
- Let your kids see how much you spend. Pay for your groceries in front of them.
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