Family, Money

3 ways to make your kids financially responsible

First Entrepreneurial Five Dollars By : Nate & Tilly Ritter under : CC

In the world we live in today, children have failed to understand why money can be so important. All they know is that their parents are money printers who have to present the cash anytime they demand it. As a parent, this should be one of your primary responsibilities. You have to help your children by teaching them numerous ways in which they can be financially dependent. The sooner your children know about the huge value that comes with holding a dollar,the better they would learn to appreciate it and would not spend it on things that would not be of any value to them. It would even reduce the rate at which they come to you each time they see a thing they like but would not be of any economic value to them. If you want to teach your kids the act of financial responsibility, there are a lot of ways to go about it because they are kids and so you must make sure whatever method you are adopting must be fun for them and informative at the same time.

Let them have bank account

This is probably the best way to instill financial discipline in your children. Open a bank account for them and teach them what it feels like to have their money safe in an account. Tell them what they tend to derive from it and how they can perform great things with their little savings. Also remember to tell them about the interest that the bank will give them for saving their money. This will in turn arouse their interest in saving money in their own personal account.

Make them earn the money

Another way to instill financial discipline in your kids is to make them earn their allowance. This act will make them know that they have to work hard to earn every cent and so they learn to keep the money for better things. Most parents give their kids allowance without them working for it and because of this most of these kids do not know how hard it is to make money and so they spend it on just anything. You can start making them earn money by giving them a list of chores to complete at the end of a week and then state an agreeable sum that would be earned if the chores are completed in due time. This act will make them do a lot of thinking before spending.

Fine them for Bad Conduct

If you want to teach your children that there is a consequence for every decision they make, then it is important you try this. You should consider making them pay a small amount of fine for any bad conduct or unruly behavior. If your children do something bad and they do not have enough money to pay for the fine, you have to deduct it from their next allowance. By doing this, whenever your kids want to do something bad, they would be forced to think twice because they know their actions will have a huge impact on their finances.

Though, many parents feel that their kids will learn when they become matured, it is important that you teach them this act while they are kids because not only would it raise them to becoming financially responsible kids, it would also prevent them from learning the act of financial responsibility in the hard way.

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