Teaching Your Kids About How To Manage Money

Tips for the parent that’s trying to get a hold of their finances

Allowance

Don’t give your kid an allowance for the things they should be doing like dressing themselves, showering, taking out the trash, washing dishes. But reward them for the jobs you need help with. around the house. Within reason. I’m not asking your nine-year-old to get on the latter and clean the gutters but ask them to feed the dog, walk the dog, and wash the dog. clean the bathroom’s tub, toilet. Jobs you wouldn’t normally ask of them. This makes you’re plate less full and builds work ethic in your kids. If you are unsure about the jobs you should be asking them to complete chick here. I have a great post about my favorite allowance and chore apps.

Be The Example

Our kids learn from us. Kids watch everything we do and even if you think they aren’t paying attention they are. So when you say “I’m feeling down, let’s buy something pretty.” This is teaching them to become emotional spenders. As covered in tip 3. Teaching them to plan their purchases is the best option.

Planning your purchases

How many times, we as adults purchased something off impulse and never used it, forgot about it or ask ourselves why the hell did I buy this? We are changing so our kids won’t have to go through this cycle that lands us into debt. Planning your purchase could show if you really what the item or not sleeping on it. How many times have you heard before you buy this, just sleep on it? If you want it tomorrow you really want it.

Parents 401k Plan

On larger purchases like a car. Teach them the powder of saving, by matching their dollar. This will motative them to get that summer job and help out more around the house to save as much as possible.

Bailout your Kids

Have yall ever watched “Fancy Nancy”? Sorry I got a two year old so all I got is a cartoon reference. But there is an episode of Nancy wanting a pair of Red Ballet shoes. The shoes cost $40 and her mother told her to work for them. So all day she worked hard to raise the money. When she reached $40 her mother drove her all the way back to the store and during checkout. She didn’t have the tax and her mother was like ” Ok, come on you don’t have enough. Let’s go.” I scream at the TV come the FUCK on she’s like four, just pay the tax. This is what I mean about Bailing out your kiddos.