Financial responsibility is an important lesson to learn. The easiest way to learn about it is to start early. The earlier your children learn about the value of a pound, the more that they will appreciate it later in life. If you are looking for some suggestions on how to help your children learn about monetary value, the following are some tips and strategies for doing just that.
Volunteering is an important teaching tool for your children. It shows them that there are others in this world that may be in more of a difficult situation than they are and it will help them to value what they have. Volunteering as a family at a local soup kitchen, children’s organization, or other charity can help your children to learn that there are more important things than material items as well. It will be a chance to give back and learn a lesson all at the one time. It can also be a great option for those looking to bond as a family unit. You can learn about each other as you help others and this can be an extremely rewarding experience.
An allowance is a great way to teach your children the value of money and budgeting. If you give your child an allowance now, make sure that this money is their only source for fun items or social outings, especially if they are teenagers. It is not about punishing your child by limiting their activities but by encouraging them to be more creative with their time. It will also allow them to understand the power of saving money and building up toward a bigger payoff in the end. Make sure that an allowance is age appropriate and you consider how much you want to give over time. You may set goals for increasing this amount or tasks that can be completed to get a raise, as well as the stipulations that would come with that money increase.
If you are looking for your children to contribute to their own bills but want to do so in an age appropriate way, consider giving them jobs around the house. These are a great option in teaching children responsibility and the power of hard work in attaining money. These jobs should not be done in placement of chores. Running a household requires sacrifice and not all of these will be rewarded financially. Instead, these jobs or tasks should be above and beyond their current chore list. It will demonstrate to them that going above and beyond will allow them financial reward, if they are willing to work. Further, make sure that this money is appropriate to the task, not too much or too little. If you have an older teenager, you may want to encourage them to look for ways to make money outside of the home. Encourage a part-time job or other monetary enterprise that is age appropriate and will not interfere with their role as a student.
- Should You Give Your Kids an Allowance for Chores? (turbotax.intuit.com)