So frequently parents feel like an ATM for their kids. If you continue to give them funds with no strings attached, they’ll continue to ask. Some kids know the cost of everything and the value of nothing. When they begin to understand how much work it takes to earn a certain sum of money, they begin to understand and appreciate the value of it much more. Follow these tips from the professionals on how to teach your kids to value money and respect it. The first step is to get them working. Chances are, you’d be unable to fund their requests if you didn’t work for a living.
Depending on the age of your children, start out by assigning age appropriate tasks. These should be tied to an allowance. Taking out the trash, mowing the lawn, helping with laundry, cleaning the bathrooms and sweeping the walkways are all tasks that kids of just about any age can accomplish. Recruit your children to come up with chores. Assign a monetary value to them and very clear guidelines. Which day of the week will be chore day? Must all of the chores be completed before any allowance is received? Be prepared to decide up front if you’re willing to give an advance on allowances-most crafty teenagers will ask for this. In order for the allowance system to work, unearned handouts will have to be curtailed.
Take them with you on your next weekend trip to the home improvement store and have them join in selecting materials for the next home project and share with them the cost of materials. Have them understand that by performing these projects yourself, you’re saving money on the hiring of a professional. Take them to the grocery store and have them compare the cost of various prepared and fresh food items. The goal is to have them understand the value of working and the sums that are earned for a given job. The higher the skill set, the higher the pay. These concepts won’t penetrate overnight. However, by engaging your children in the process, they’ll begin to develop a lifelong respect for money and the work ethic to earn it. Good luck!