What are some ways you use to teach your kids how to manage money? I have a child in middle school and pretty soon, before I know he'll be off to high school. I want to teach him how to be responsible with his money and not spend it all as soon as he gets it in his hands. Suggestions moms?
My son is 9 he will be 10 in October. Last year he earned money for good grades and I noticed he wanted to put his money in his piggy bank and then when he got enough he enjoyed getting the money out to buy a game or something he wanted. When school let out for the summer he said, "what am I going to do to make money now?" I told him he could read books and write a paragraph and every time he did he would earn money.
Kids are little adults in action, and they like to do things but they want to get compensated I think allowances are the thing of the past for many but maybe we should ressurect it and pay our children for doing chores and allowing them to make a budget for future things they might want. I think that would be one way of teaching the fundamentals of financing.