For some reason, many parents don’t talk about finances with their children. They don’t want their kids to stress out if money is tight, and some may say that talking about money is impolite or even taboo. (Sure, you shouldn’t ever just go up to someone and ask how much money they make. It is a personal matter, after all.) But keeping kids in the dark about money matters does not do them any favors! Kids need to learn how to manage their own money one day, just like they need to learn how to cook, clean, and dress themselves. It’s a necessary survival skill. For some great money tips for kids, check out this post by Susan Merrill at Imom:
-Allowance- teach them that work = money, and no work = no money.
-Say no to retail therapy- You are saying…that anytime they feel sad…buying stuff will make it all better. Your example is everything when teaching your children about money.
-Sleep on it- if you want to make a purchase, wait one night. If you still want it in the morning, get it. But you’ll be surprised how often you DON’T want it after the impulse has passed.