Most parents I know want to raise financially responsible kids. I know I do.Unfortunately, many of us never learned how to handle money ourselves, let alone how to teach our kids how to handle it.
Here are a few tips to get you started.


1. Start early
If your children are under the age of 5, this is the perfect time to start teaching them. If, however, your children are older, it's never too late to start! Your job might be slightly more difficult, but it's still certainly possible to raise financially stable children, even if you're starting late.

2. Allow them to make mistakes while they are under your watch
If your child wants to spend all of his hard-earned money on a toy that will likely break in five minutes, allow him to. It's important for our children to make small mistakes while they are under our watch so that (hopefully) they won't make large mistakes once they're not.

4. Teach them to save, give, and spend wisely
When your child receives money for chores or even birthdays or holidays, help him divide the money into three categories: saving, spending, and giving. You could use a three-part bank or three envelopes or jars or something similar to help him understand.


5. Set a good example
If we don't know how to handle our money, we'll have a much more difficult time teaching our kids to handle theirs. Our kids are learning from what we do, much more than from what we say.

Photo credit career girl
Familyshare

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