I dont like the idea of just giving my children money. It creates this my right mentality neither do I like the idea of tying allowance to chores. How can we parents teach our children on the value of money? The way I did is to put my son “in charge” of a set amount of money to be spent on specific things every week. I essentially gave him control over part of the household budget (we save enough money, we can watch a movie together, have lunch together etc). This was money that we were already spending, the only thing that changed was the control of it. Who is in charge. My heart smiled when my son told me: Mama, Im reaching my personal goal very soon. I would be able to save $50 by the end of this year. (this is money for his own budget. Things he wishes to have). I knew I did something right this year. Next year, I have another plan. To help my children set up ways that can provide them regular income. From investing small amounts of stocks to how to grow their stakes in my companies. How and when to communicate money values to children is one of the toughest challenges parents face. We want to support our children, shield them from the hardships of life. But without facing the hardships and the reality of life, they won’t appreciate the value of money - Rita Zahara.
Posted on: Sun, 03 Nov 2013 08:09:03 +0000
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