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Sep 17, 2014

How To Teach Your Kids To Become Financially Responsible

The best way to develop financial responsibility among individuals is to start them young. Money should never be a taboo subject for the kids if you truly want them to grow as financially responsible individuals. Here are a number of tips you can follow in inculcating financial responsibility among your kids:

1.    Teach them that money is earned.

While it is our responsibility as parents to give our kids allowance, we should do so in a manner that lets them realize that money is earned. Hence, associate certain chores for kids to earn allowance. These chores need not be the ones that are expected from children like fixing the bed, cleaning their rooms and doing their homework. It must be chores that are less expected from them but they are capable of such as: mowing the lawn, doing the laundry and washing the dishes. By doing this, your kids will learn the value of money and would thereby be more frugal.

2.    Do some money lessons.

Part of your role as parents is to teach your kids to do money portioning. Their allowance must be split into different categories: one for spending, one for saving and one for giving. When it comes to the money for spending, you must guide your children in the things they buy. They must learn that money is best spent on things that last long such as a basketball rather than those that easily go away like chocolates.

3.    Teach them to save for future goals.

Kids are concerned with the here and now. They would likely think about what they will have for snacks later rather than what they will have for the future. Teach them the importance of saving for the future by showing them the value of delayed gratification. For instance, if they will save $2 per day, they would be able to purchase their favorite video game after one month. Examples like this would motivate kids to save more money and learn delayed gratification.

These are just some of the very many lessons you can teach your kids for them to grow up into financially responsible individuals. Meanwhile, for your sake when budget seems to be too tight especially when your own strategies are working against you, remember that there are instant cash solutions available such as Brockville auto title loans. Use your vehicle as collateral when you have emergency cash needs.