Teach Your Children What You Have Learned

24 Oct

The life-long benefits of teaching children good money habits make it well worth the effort. Children who are not taught these lessons pay the consequences for a life-time. Here are a few guidelines to consider:

  • Guide and advise rather then direct and dictate.
  • Encourage and praise rather than criticize or rebuke.
  • Allow children to learn by mistakes and by successes.
  • Be consistent while taking children’s differences into account.
  • Include all family members in money management discussions, decision making, and activities as appropriate for their age.
  • Explain to children what they can and cannot do and the consequences of violating the limits.
  • As children get older increasingly include them in discussions of limits and consequences.
  • Expect all family members to perform unpaid, routine household chores based on their abilities.
  • Express your desire to have things you can’t afford. Children need to know that parents say “no” to themselves, too.

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