Annies Home a place where I love to share tips, recipes and wonderful products that I find for our family along the way.
Tuesday, April 11, 2017
Teaching Your Child About Earning Money and Responsibility in Spending
As parents it is our responsibility to prepare our children for the outside world. There is so much learning in the first few years but life learning continues years after. One thing that parents should teach our children is how to be smart shoppers, save money and take care of their money. My grand-children 8, 6 and 4 are at different stages but are learning money skills at their young age. Demonstrating smart financial decisions is important as well. I plan to share some tips to start teaching your children to be financially smart.
First thing I did was to set up a way for them to make allowance. Since they are all at different ages the list for each of them was different but for now each of them make the same amount of money. As their needs go up this system may go up as well. We first instructed each of them to save 10 percent or $.50 cents for tithing, another 10% for saving. The chore / allowance system is set up to teach them how to be responsible with money as well as take care of their selves and help others.
The allowance system will help them learn to save and hopefully be patient while they do it. We all have that one item that we want and we have to save to get it.
Do you pay your child an allowance?? Have any tips to share we would love to hear them