Teaching Your Child Financial Responsibility

Teaching Your Child Financial Responsibility



Teaching Your Child Financial Responsibility!
It’s a​ tough old world out there and the sooner you start teaching your child about personal financial responsibility the better .​
Children can learn the basics about money at​ a​ very early age.
Start when he is​ about 3 years old .​
Take him to​ the grocery store and explain, often and in​ many ways, that the money you and your mate earn while you are away working is​ what pays for the food that you are buying .​
Give the child a​ small amount of​ money, let him choose something he wants and pay for it​ himself.
Begin giving him a​ small weekly allowance when he 6 or​ 7 years old .​
Get him a​ piggy bank and teach him to​ save first, spend second…and then wisely .​
Give him small chores that he can easily manage and attach doing the chores to​ receiving the allowance .​
In other words, help him come to​ the obvious conclusion that work equals income .​
Do not hesitate to​ withhold the allowance if​ the chores are not done and let him suffer the consequences .​
Don’t provide him with the ice cream cone that he would have bought with his allowance had he done the work.
Pick a​ date, such as​ his birthday, to​ increase his allowance and the chores required of​ him.
By the time he is​ 12 to​ 14 begin encouraging him to​ earn extra money by getting some jobs on his own…such as​ mowing the neighbors lawn and, also, encourage him to​ save for things he would consider long term goals such as​ buying a​ car.
A part-time job should be considered by the time he is​ 16 .​
Be sure it’s not one that will interfere with his school work.
After he graduates high school and is​ ready to​ start college, get him a​ pre-paid credit card .​
Explain that you can add money to​ it​ as​ required but, also, explain that you will be able to​ see exactly how the money is​ being spent and there are limits.




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