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As a parent, you have a big influence on how your kids think about money. And there's a lot for children to learn about how money works. How do you earn it? Should you save it? How should you spend it?
These tips can help guide you in teaching your kids to be responsible with money.
You can give your child three jars to put money in—one for saving, one for spending, and one for sharing. Saving helps your child learn the value of working for a bigger reward they can get later. Talk about the benefits of sharing, like feeling happy when you help others get something they need.
Practice real money situations to help your child learn to add, subtract, and count money. Let your child pick a small item at the grocery store and count the right amount. Or help them count their money in saving, spending, and sharing jars.
Children can start to learn the value of money and about making good spending choices. Explain that after you spend your money on something, that money is gone. Let your child choose an item to buy with money from their "spending" jar. Talk about some of the spending choices you make as a parent.
Some families give an allowance just to help their child learn about money. Others choose to have the allowance tied to specific chores. Earning money for certain chores helps children feel responsible and contribute to the family. And it can help them understand the value of money. Be clear about the expectations for your child's allowance. Make sure your child understands what chores they'll need to do and how much they'll earn.
Your child may think it's unfair when you choose not to buy certain things. But talk to them about these choices. Discuss why they (and you) may have to wait and save up for certain things.
Current as of: May 27, 2020
Author: Healthwise Staff
Medical Review:John Pope MD - Pediatrics & Thomas Emmett Francoeur MD MDCM, CSPQ, FRCPC - Pediatrics
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