The Most Effective Ways To Teach Kids About Money Today

By Vernon Rose

A lot of parents give their kids money rather than having them earn it. But this is not a good idea. Kids should earn the money they get (except for gifts of course) so that they'll learn that they will have to earn it when they get older as well.

If you simply give your kids an allowance, then they will probably get the impression that they will always have money given to them. Even if you tell them that isn't true, learning by experience is much more influential than is learning from listening to what someone says. That could set them up to have an entitlement mentality when they get older, which is not a very positive trait to have.

If your kids earn their allowance though, then they will obviously be learning that in order to get money they have to earn it. This is a good lesson to learn because it will be true for the rest of their lives. It also teaches responsibility since if they don't do their chores (or whatever else you would have them do in order to earn their allowance), then they won't be compensated for it either. That is yet another great lesson to learn, and the younger the better.

So it seems pretty clear that having your kids earn money rather than giving it to them, and thankfully there is an easy way to accomplish this. This easy way is by having them do chores around the house and/or yard each week in order to earn their allowance. The amount they earn for each chore should be appropriate to the chore and the age of the children too.

There are many lessons you could teach your kids about money, and using their allowance to do so is one of the best ways. If you teach them how to handle money well when they are children, they will continue to handle it well when they are adults which will be giving them a large head start over much of the population who don't know how to handle money well even as adults. You'll be setting your kids up for success in yet one more way (and an important one), rather than leaving it up to chance.

Other people don't care about how your kids money is spent, so they aren't going to teach them. And even if they do, they'll likely teach them bad lessons since they probably won't have your kids' best interests at heart. So it's your job to do so, and using their allowance is the easiest and most effective way to do it - as long as it's earned, not given.

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