Helping Your Children Understand Money

It is so easy to spoil our children and miss the opportunity to teach them about saving, choices and sacrifice. It is important for children to understand the value of money. What are some ideas you have for teaching this important lesson?

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May 18, 20090 found this helpful

They can also learn the value of money if they have to do chores before they receive an allowance.

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May 17, 20110 found this helpful

Mum used a very simple rule when we were schoolchildren.

She gave us weekly pocket money which was about double what we needed and used to tell us "Right this is your money for the week. It's up to you how you spend it. Don't come asking for more before the week is up because you'll get nothing."

We never did and I remember actually saving from my allowance!

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May 17, 20110 found this helpful

Very good advice. Remember when raising a child, you are raising them to one day be able to take care of themselves. They grow up fast.

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