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Kids and Money:

Although you may not realize it, you are responsible for teaching your child how to handle money when they are an adult. You want them to be responsible, but if they are never given the opportunity to do this as a child, with you there to catch them when they fall, these are failures they will inevitably have to experience as an adult. When this happens, you will still need to be there for them, only it will be a lot more expensive. There are ways you can teach your child about the responsibilities that come with money, even at this young of an age, so that they will learn it for life.

If you give your child an allowance, teach them to save some of it each week, whether it is in a piggy bank or a savings account. Many banks have bank accounts for children that have no fees and no minimum balance. The bank is a good choice because they offer interest on any money saved. This is great because it teaches your child that being responsible can have multiple rewards. Not only will they have a larger amount of money that they waited and saved to have, they will even have more than what they put in. This teaches your child so much. Not only do they see the benefits of simply being responsible, but they also get to experience an excellent payoff for patience. And, in this I-want-what-I-want-and-I-want-it-right-now society we live in, teaching your child patience is an excellent thing to do. It might even help them avoid huge credit card debts as they get older.

If you do not give your child an allowance, you can teach them how to save and be responsible when they get birthday money. You can have them put half of it in savings and they can spend the other half. This will allow them to still get a birthday present, but it will also show them the importance of being responsible with their money. Teaching your child now that they don't have to spend money just because they have it can have benefits for their entire life.

Another way to help teach your child responsibility with money is to make them earn theirs. You can have them do simple tasks at home that are above and beyond normal chores, such as helping you clean out the garage. Then you can pay them a small amount for their time. Teaching your child early on that money doesn’t come easy is one of the best lessons you can hand to them.

It will also help when they understand what hard work it is to earn money. They won't beg for you to spend yours on them quite as quickly because they will know firsthand that the money you have wasn't just handed to you. This will also make it easier for them to understand why you aren't always willing or able to buy them everything they want.

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