Teaching your kids about money

My parents raised me in a very strict manner when it comes to money. A great way to help teach kids the value of finance is to make them work for money, I'm saying literal work, I'm talking about a kind of reward system, if your kid does good, give him/her an extra, but I'm not so sure if its going to work for most children, but it did work for me. Also don't give them large amounts of allowance, give them only enough money, so that they would learn how to balance their expenses. But I guess the best way is, based on my personal experience, is to give them a piggy bank to fill. If they want to buy something, give them a piggy bank and let them fill it until its full of money enough to buy them what they want.

 

With the net, one can spark their interest by letting them set up their own blog or forum and make money from it. In addition, you could encourage them to sell things on Amazon or eBay. Nonetheless, though, there might be an age limit on who can sign up - but you could get around it by owning the store and just having them do the work.

 

This is one of my priorities to teach my kids. As early as possible, I want them to learn that money is not just something we get from trees.

 

I think this is one of the most difficult tasks to accomplish in the world. "Children" and "Economy" are practically like water and wine.

However, with a dose of extra patience I believe it is possible to achieve the goal of educating them appropriately.

 

@Jason76 I have also think in this direction making kids leverage on the internet to do some small jobs that can earn them little and as they grow such blogs or sites would have become very popular and make more money for them. These are ventures or activities fetching money they can do in the comfort of their homes. Some way these help them utilize their time meaningfully and improve themselves too.

 

This is a very good thread. We were oriented on the value of money when we were kids and that may have made us wise shoppers. I have noticed that kids with no financial orientation tend to grow irresponsible with their spending. Parents should teach their children the art of haggling. It will make them smarter not only in shopping but also in life.

 

Since my children were young, I told them to buy and spend money on what we really need. This is not only saving the money we have, but also saving resources. I also encourage them to Do It Ourselves whenever possible, it's saving money and also learning life skills. Also, I don't really like my children to be very money-minded, as it is just a tool to get what we need, but not what we pursue in our life.