Teaching kids how to budget their money is a life skill that can begin at an early age. One of the most popular methods is through an allowance. Allowances teach kids they need to work for their money and it introduces good budgeting habits.
THE JOY OF GIVING
Once they start making a little money, be sure to teach them about giving. Eventually, they’ll see how giving doesn’t just affect the people they give to, it affects the giver as well. “Money jars” are a fabulous & easy way to encourage kids to save their money.
Once your kids realize they have to work for that money you used to “Give” them they’ll be more careful with how they spend it. They definitly won’t spend it how they spent yours! Lesson learned!
Teach your kids how to handle money early on and they won’t end up with money regrets later in life.