How Do You Teach Kids About Money?Posted by Cap on June 9, 2006 |
A reader’s request:
I was wondering if you could post a question to your readers? I never learned as a child, teenager or even as a young adult how to handle money. So for YEARS I just had a lifestyle of just blowing money and never saving a dime. I’ve even made the same mistake with my older children, but now that I am able to control my own spending I have no real idea what is the best way to teach my younger children how to save, be wise about money or even invest. Would any of your readers be interested in sharing with me anything that has worked for them? Thanks!
I’ll keep this short, since I know very little and won’t be a parent anytime soon (I hope). In my opinion, consistency is very important. Example, if you want your kids to sleep on-time everyday, you’ll set a consistent bed time and enforce it. Same deal with money; if you’re going to give your kids allowances, keep it consistent. Explain to them how much they’ll receive and never budge if they want more. If they want more, they’ll have to either earn it or learn to save up.
The related post below goes into a bit more detail on what I mentioned above. But since the reader is asking for other’s opinion, feel free to chime in with your thoughts and comments. I would definitely appreciate it!
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