A difficult conversation. How do you teach your children to manage money? I think that every parent has their own way of doing it, but there are a few ways to check if your on the right path. We don’t want to spoil our kids but we do want them to be happy, appreciate money and know the worth of it. It is hard to appreciate something when you get it whithout working for it .
It takes a lot of courage from parents to say no to their children, but it is better to not buy them everything they want to have. If you do buy them everything they want, they will get spoiled. By the time children are 18 years old and have to live from a small amount of money, they have learned to spend all that they have just to buy everything they want at that moment.
Some tips to learn responsibility with money.
- Start giving an allowance at the age of about 6 years old. Give your kids about 1 or 2 dollars a week as an allowance.
- At the age of 9 you can give them 50% more allowance. If you were giving 1 dollar before give 1,50 now.
- When they become 12 give your kids double as much. So that will be around 3/4 dollars a week.
- At age 15 it is time to get a weekend job. They have to learn how to save for the things they want. So they know the worth of a buck.
Teach them to save for the things they want. That’s the best way to learn how to manage money.
And that is how you teach your children to have a good relationship with money. Which will make them happier in life when they are mature. Do you agree?