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| Teaching Children about Money |
 Encourage Them to Work
Even young children can do extra chores around the house or yard to earn extra money. Teenagers should be emboldened to get a job. Working helps children comprehend that money comes at a cost, thus dispelling the money-tree notion.
You can teach them to take pride in their work, working also improves their self-esteem.
Have a Family Savings Fund
Try to save as a family for large expenses like vacations. Establish a jar or box for keeping the money in and post a chart tracking your progress where family members can be reminded.
Establish Spending Limits
Set up spending limits for items like clothes and shoes. Be willing to pay so much for something, but your child must make up the difference with his own funds if he goes over the allotted amount. For instance, he may want a $100 pair of shoes. You pay what you normally pay (say $40) and he has to pay the rest. You know that new school clothes take a huge bite out of the family budget; why not enlist the aid of your kids? Ii will be good to agree to only pay for so much and then leave the buying up to them (within reason, of course). Your children may surprise you with what they are able to do with their money. In order to maximize their dollars, encourage them to watch for sales.
Take Your Child Grocery Shopping
Your child can help you grocery shop, If she can run a calculator. Give your child a fixed amount that you will spend on groceries and have her subtract each item from the total as you shop. It is advised to teach her to compare food labels and get the best product for the money. You may ask for her advice about how you can reduce your overall grocery bill.
Remember, there are many ways to teach your children the value of money and help them build valuable skills. If you don't teach them, who will? So take the chance to call a cease-fire in the battle between your kids and your wallet and work out a compromise in which both sides win.
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