What is the best way to teach your child financial responsibility before they move out ?
It must be as lifelong lesson. Toddlers can learn about money and savings by using a piggy bank. Many grade school children have bank accounts and contribute regularly. I think it is too late if one waits until a child is a young adult. We talk freely about money and my son knows how to save, tithe and spend. It is a good feeling to see that also.
The best lesson that my parents taught me with money management was lunch money. I was given a set amount at the beginning of the week and had to budget it. I was given more than plenty of money to cover lunch. Anything extra I could use for snacks or save up.
Also, when it came time for me to drive, I had to pay for my own car and insurance. My parents werent in a position to help me a ton, they did what they could. However, this taught me the value of having things and taking care of them.
First open a bank account of your child. Then with few good examples which shows the benefit of savings, try to convince him/her to do some savings. Say you child that use your money keeping your future in mind.
Make them get a job to pay for car insurance, their gas, cell phone bill...Children are given way too much that is why they are home nowadays until they are thirty! lol
If they are younger..an allowance for chores (not normal things they should be doing like making a bed) but lawn care, washing a car ect....They could be shown how to save a portion of it and also to give.
Thank you so much for your thoughts on this! I really appreciated all of the time and awesome suggestions you gave!
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