How to Make Kids Value Money
Here are some tips on how to not bring up a spoiled brat, straight from the child rearing secret bags of the most powerful women in the world:
1. Require them to spend, save, and give.
One of the interviewed women leaders emphasized the importance of making kids learn that they can’t spend all of their allowances. One trick is to get the child to choose a charity he can contribute to. Another tested way to ingrain the value of being able to save is to match every 2 dollars spent with 1 dollar worth of savings.
2. Make them make informed financial decisions.
The idea is to give them a choice on where they should spend the money given to them. An example is if a shopping allowance of $1,000 was given and it gets finished in a flash, that’s about it. This will make them more choosy on whatever they spend on.
3. Get them to value even the money they don’t earn.
It might be hard to make kids give importance to money that they haven’t earned themselves. But one of the great women suggested making your child participate in your family financial management tasks, such as making them plan your vacations, car purchases, and other activities that would require financial decisions.
More of these tips on making kids more financially responsible via CNN.
