ArtsAutosBooksBusinessEducationEntertainmentFamilyFashionFoodGamesGenderHealthHolidaysHomeHubPagesPersonal FinancePetsPoliticsReligionSportsTechnologyTravel
  • »
  • Family and Parenting»
  • Parenting Skills, Styles & Advice»
  • Parenting Advice & Tips

Teaching Children The Value Of Money

Updated on February 2, 2015

If you are a parent, you must educate your children suitably so they become conscious spenders. But this process must start with monitoring how your children spend the pocket money you give them.

You cannot expect your children to be financial wizards. So, expecting them to make financial plans may be unrealistic. But if you teach them suitably during their young age, they can manage their finances and investments properly and achieve financial stability when they grow up. In other words, whether your children have frugal habits or 'indulge' in unnecessary spending depends completely on how you, as their role model, balance your income and expenditure.

Experts repeatedly say that teaching children the value of money is an integral part of parenting. You must not limit your parenting with teaching them ethics or principles. You must ensure that they understand financial matters also. If your children are in the habit of throwing tantrums, you must be firm with them so as to ensure that they do not spend beyond what you give them as pocket money. This will help them learn how to spend within their means when they start earning. You can use the following tips.

Do Not Impart Compulsive Buying Habits Into Your Children

If you splurge for the sake of children, they will also learn the habit. You must therefore stop buying compulsively for their sake. Parenting experts say that those parents who try to satisfy their children by indulging in compulsive buying do so because they themselves have underlying desires for the items they buy. You should therefore be cautious and adopt healthy spending habits so your children can learn the habits from you.

Teach Them The Habit Of Sharing With Siblings

Never forget that your children can easily learn habits from you. If you and your spouse share everything between you, your children may learn the habit. For example, when you buy toys, you must tell them that they must share them among themselves. Apart from teaching them this habit, you can reduce your expenses by buying only one set of items.

Giving Them Pocket Money Is A Good Idea

Though this is a good idea, you must closely monitor how they spend their pocket money. They must learn to be responsible and only if you give them this chance, they may not learn. You can begin giving them pocket money from the age of 10. For deciding the amount, you must know their spending pattern. So, discussing with them how they are likely to use the amount is important. You can even ask them to bear some of the minor household expenses. This will teach them responsibility because they may even try to reduce expenses incurred on those heads.

Teach Them The Differences Between Necessary Items And Unnecessary Things

If you supervise the spending pattern of your children, you can guide them so they do not buy unnecessary items. They will gradually help them learn the differences between necessary expenses and unnecessary ones. Never try to preach them when they err. It is better to converse with them rationally so they may not repeat the mistakes.

Teach Them To Maintain An Expenses Journal

If you teach them the habit of maintaining an expenses journal, they can keep track of how they spend their money. This will help them control their expenses.

If you adopt these steps consistently, your children will learn the value of money.

Comments

    0 of 8192 characters used
    Post Comment

    No comments yet.

    working

    This website uses cookies

    As a user in the EEA, your approval is needed on a few things. To provide a better website experience, hubpages.com uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

    For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at: "https://hubpages.com/privacy-policy#gdpr"

    Show Details
    Necessary
    HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
    LoginThis is necessary to sign in to the HubPages Service.
    Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
    AkismetThis is used to detect comment spam. (Privacy Policy)
    HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
    HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
    Amazon Web ServicesThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized. (Privacy Policy)
    CloudflareThis is used to quickly and efficiently deliver files such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
    Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the googleapis.com or gstatic.com domains, for performance and efficiency reasons. (Privacy Policy)
    Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
    PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
    Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
    Features
    Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
    Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
    Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
    Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
    VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
    MavenThis supports the Maven widget and search functionality. (Privacy Policy)
    Marketing
    Google AdSenseThis is an ad network. (Privacy Policy)
    Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
    Index ExchangeThis is an ad network. (Privacy Policy)
    SovrnThis is an ad network. (Privacy Policy)
    Facebook AdsThis is an ad network. (Privacy Policy)
    Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
    AppNexusThis is an ad network. (Privacy Policy)
    OpenxThis is an ad network. (Privacy Policy)
    Rubicon ProjectThis is an ad network. (Privacy Policy)
    TripleLiftThis is an ad network. (Privacy Policy)
    Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
    Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
    Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisements has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
    Statistics
    Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
    ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
    Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)