But I Want to Be Responsible!

Find six tips to help your child learn money management and financial responsibility.


Children are growing up faster these days than we did. It’s only natural, we grew up faster than our parents. We need to start discussing important topics with our children early. We need to have them start taking more responsibility for money as soon as we can. For one thing it will take the burden of being asked “mom can I get that…”. We will always have the answer “can you afford it” or “have you saved enough for it.”

Start Today

It never is fun to start this conversation with your children. But write out a plan, find out how much you want to give them for an allowance and stick to it. Decide if you want to have chores associated with their allowance and how you want to handle situations when the chores aren’t getting done. Set a particular payday and STICK TO IT! Don’t give pay advances, it will only open doors to MORE advances. This will defeat the whole lesson.

Get Them Involved

Discuss budget with your kids, when they are old enough to understand. Show them how you have set up your budgets and what you do to stick to the budget. Teach your children how to write checks and balance a checkbook. Teaching children the value of money early will create good spending habits for the future.

The Value of Charity

Teach your children that giving to others is important. It will help them in many aspects of their lives. It will teach them to value other people and open their hearts up to others.

Homemade Bank Accounts

Children learn visually, setting up a box for spending and a box for saving is helpful. This way they can move money from their “savings account” to their “checking account (spending account)” and vice versa when they see fit. It will teach them how to save. Kids, like adults, get excited when they see their savings grow.

Learn From Mistakes

At some point in time, your kids will want something “REALLY BAD” but they don’t have any more money. Don’t give in and buy it. Let them save up their allowance or pick up extra chores (if that fits into your system) to earn more money. They will remember and appreciate how hard they worked for that special something.

Keep Communicating

Help your kids set goals and stick to them. Start small, like a bag of candy then grow into something big like a bike. Have fun with it, if it’s painful, no one will learn and they will grow to resent budgets. Children learn by having fun! Keep it interesting and they will always want to speak to you about it.


Sara Kair is co-author of the Moms-connection.com http://www.moms-connection.com. Sara and her partners are dedicated to helping families connect with the way they want to live their lives. Other articles include making and saving money, spiritual growth, decorating and gift making. Please visit http://www.moms-connection.com. To sign up for the newsletter: http://www.moms-connection.com/subscribe.htm
Copyright 2002 moms-connection

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