Teaching your kids to understand the concept of money spending and saving can be hard, however, I am going to share a few of my lifestyle techniques that I think your sons or daughters can benefit to be a financially responsible person when they grow up to be an adult.
Ages : 3+ - Give them a piggy bank or a place to put loose change.
The benefits from this: They will learn the gratifying moment of saving money and how rewarding simple things like collecting loose change can add up significantly.
Advertisements
Ages : 7-18 – Give them an allowance every week or month.
Why?: They learn to spend wisely in a heavy scheduled budget and if they want something they have to spend their own money.
Ages : 13+ – Give them an opportunity to work for money like washing the car for $20 or washing the dishes.
The Lesson: They will learn that that they have to work for their money and that if they want something, they have to work for it by themselves. This technique thus makes them a more self reliant/independent spender.
Apply these techniques and your children will more likely to adapt and understand the financial lifestyles that we live in and teach them that they can’t spent relentlessly. It will also make them think more critically before making an purchase. Not only will they become responsible thinkers, but they will also try to spend less and less means less of your money.
