Budgeting: I sit down with them to do the budgeting of the family budget. They tend to think that it is boring; however they have gotten used to the fact that it takes time and consideration to find out where your hard earned money goes.
Allowances: I have stopped giving my kids allowances if they are not willing to do any of the chores around the house. They have to understand they they are not going to get paid just because they feel that they have a right too.
This also shows them that in order to make money; they have to provide some type of service before they will see any money.
Coupons: Every Sunday we pick up a copy of the paper just because we love to cut out coupons. We spend a portion of the morning going through the coupons and cutting out the ones that we will be using during the week.
I am trying to teach them how to be smart with money. I want to instill the values of how to live debt free. Your children will do the same things that you do. If you are smart with your money; then they will be smart as well.
However if you are struggling and drowning in debt; then most likely they will follow in your footsteps as they become older. One of the smartest things that you as a parent can teach your children is how to live debt free so that they will not have to worry about their finances when they “leave the nest.”
I personally feel that it is better to try to teach them the value of money while they are younger. Once they reach their teenage years it may still be possible; but you will find that it will be more difficult to change what they have already learned.
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