Kids don’t know how hard it is to earn money…well, most kids anyway. If your kid is manifesting signs of being near shopaholic, then you gotta do something so that he’ll grow up to be smart with money. Aside from the tips we already gave in previous money-saving articles, here are some suggestions to help your kids become better savers.
How much do you give your kid for allowance? Make sure your kid’s allowance is not big enough to treat everyone in his class. But give an allowance that will give him a chance to save up. Kids who have a little extra after every day realize that they can save up and fill a piggy bank in one school year.
Give them chances to earn at a young age. When school’s out and they want to do your laundry for a few pennies, let him. He will gain an understanding why hard work is needed to get money. If he grows up with the value of hard work, he will be very responsible and will therefore have higher chances at being successful.
Don’t spoil them. If you give your kids every toy he wants, he will not feel the need to save up for something he wants. And most kids who are spoiled grow up to become materialistic.
Teach them how to budget. Give them your strategy how you manage the family’s earnings to meet all the family’s needs. They need these budgeting skills when they go to college and live separately with the allowance that you’ll send.
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