Raising a money-wise child....

My kids pay for everything they have. Their ages are 6, 13, 15 and 18. When they were old enough to help a bit around the house, they would get allowance. At this point, if they wanted something at the store, they had to use the allowance. If they didn't have enough, they would have to find a way to make enough~ doing extra chores, taking pop cans back, mowing someones lawn. Now my 15 and 18 yr old work. They both pay for their cell phone bill. The 15 yr old gives me $50 a week to save for him so he can purchase a car when he is 16. My 18 yr old pays for his car, his insurance, and soon will be paying rent. I have tried to teach my children that you have to work hard to buy things that you want.

Theres an age when kids start asking for and allowances. Thats when I think we feel they have grown up so much. Well its upto each parent to decide how to regulate the expenses and give them incentives for the way the children spend their money. For instance you can start by giving them 10 dollars for a week. For every dollar saved during the week give them 1 dollar as an incentive. You can also ask thhem for an account of how they spend their money during the week and give suggestions in economising their expenditure. You can also teach them the basics of banking. Children do love to learn new stuff. These steps will help them to understand the value of money and be responsible citizens.