The relationship your kids have with money starts when they're very
young. You don't have to constantly fight--just teach them the value of a
dollar from the beginning using these ideas:
· Give them an allowance--and stick to it. Agree
on a reasonable weekly or monthly amount and then let your child know
that he or she must stay within that allowance. Creating this habit now
will form the basis for them to be responsible about their finances as
adults.
· Assign chores. Don’t
link allowances to the completion of household chores. Let kids know
they are expected to help out—without expecting pay.
· Let them see you paying the bills. Expose
them to the fact that with living comes bills. Encourage them to ask
you questions about the bill-paying process, writing checks, etc.
· Train teens about credit. Before
they go off to college or go out on their own, teach your teenagers
that credit cards are a privilege, not a right. Discuss the consequences
of abusing credit, such as damaging their credit rating, high interest
rates, and getting into debt
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