Parents’ worst fears are that their child will grow up spoiled. The fear strikes at the heart of one of the most challenging and baffling parental topics to teach: money. Teaching kids about money is, at root, a values issue. It’s more about teaching priorities and proper way to live. Here are some ideas on teaching children the value of money:
· Manage the allowance
· Do not tie allowance to chores
o It will break down once the child decides she would rather skip the chore and forgo the allowance.
· Fostering entrepreneurial spirit and work ethics
· Teaching about needs versus wants.
· Wait for things
· Explain household income to children
· Model good financial habits yourself.
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Friday, 6 March 2015