With the ups and downs of the economy, it’s best if your children learn how to be financial responsible now, rather than wait for when they are in a financially difficult situation. Below are a few ways you can help prepare your child to becoming a financially sound adult.
Teach them that hard work does pay – Implementing a pay for work system is one of the best ways to begin teaching children the value of a dollar. Children should know that there is no such thing as a free ride, and the best way to teach them that is to implement an allowance system that allows them to earn money while completing non-standard chores around the house.
Teach them how to save now – The reason most adults end up in dire financial situations is because they are not aware of how to save their money. Save your child from this problem now by setting up a savings account for them and having them put aside a portion of their allowance each week. This will also ensure that your child will learn how to spend wisely.
Teach them about a budget – Children have no idea how much things cost in “the real world,” and if they don’t learn now, once they reach adulthood that information can be quite shocking. So, it would be a good idea to allow your child to help plan and budget for something they may need like a coming up with a budget for their back-to school shopping, which will allow them to make their own choices.
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