Some things to consider: Will you pay your kids an
allowance? Or will they get paid for completing certain chores? Under what
conditions might they lose these privileges? This can all get complicated very
quickly, so try to utilize a system that is easy to consistently maintain and
flexible enough to be age appropriate. Whatever method you choose, make sure
that you are getting some money into your kids’ hands so they can start
learning to manage it.
From the time they were very young, we advised our girls to
give 10% (tithing), save at least 10%, and then they could spend whatever
remained. We also encouraged them to plan for their purchases rather than being
impulsive. We showed them how to compare prices so they could get the best
value. They learned how to save their money for more expensive purchases. This process
helped them to learn delayed gratification, an extremely important concept that
many adults have yet to grasp.
Finally, make sure that both parents are in agreement
regarding money matters. A united approach will reduce confusion and discourage
manipulation. This can be a very sensitive area in a family, but it is also a
crucial one. Make it a priority to prepare your kids to manage money.
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