*Contributed by Amy Nickson.

One day, your little child will face the big world all alone. As a parent, it’s your responsibility to inculcate good money lessons in them. Teach your children as to how they should manage their money and why money management is important.

How can you help your kids to become financially responsible? It is easy: Have a look:

 

1. Help them find a job

Children need to know that money is not easy to come by. Discuss with them why they need to work. This way they will understand the value of money and where the money comes from.

How can kids make money? Kids can make money by babysitting, starting a lemonade stand, car washing etc. But, these involve more direct money. So, the best ways in which your kids can make some money are by helping you out with your household chores. You can ask your kids to help you in cleaning the house, cooking and washing. In return, you can pay some money to your kid.

If your child loves pets, you can also allow your kids to do pet sitting or they can also become a dog walker. This is a great job for earning a little money.

 

2. Give them a piggy bank

You must encourage your child to save money. Tell them the importance of saving money . Gift them a piggy bank and tell them to save whatever possible.

 

3. Discuss financial goals with kids

Explain to your teens why it is important to set financial goals. Help them work out how much money they need to put away for achieving their goals. You can also discuss with your young adults regarding their short-term and long-term financial goals. Discuss with your children how much allowance they should spend each week and how much they must put towards short and long savings. Ask them to save money for charity as well.   [Read more…]