Our daughter began using a checkbook midway through high school. A bit of education and encouragement goes a long ways. We wrote a check for her first semester at a university. Thereafter we gave her one check a year, and she managed her own money paying tuition, books, rent, food, and car while completing a 5-year course of study in 4 years. We gave her an AMEX Gold Card for emergencies, and she never had to use it. She had money left over upon graduation. Today, she handles household finances, negotiates mortgages and car and home renovations. No worries for us parents, worked out very well.
I think a good way to do this is to have some sort of weekly/monthly allowance system. So not giving money to the kids when they ask for it, but rather giving them something like $20 a week and that's it. This way they will learn the value of money and will learn to spend it wisely instead of wasting it the second they get it in their hands. It's also a good idea to compliment this with paying a little for some house chores. Mowing the lawn, taking out the trash, emptying the dishwasher... all this could earn them a little extra. Helps you with keeping the house nice and clean and the kids learn that money doesn't grow in trees.
You're absolutely right. Like I said before, I used to volunteer in washing my dad's car when I was a kid so I could have some extra cash to buy what I wanted to buy. It feels good to earn money out of an accomplished task. It makes you value money a little more. Learning this at a young age can make a person be more responsible with money matters during adulthood.
That is one very good idea that I will implement when the time for their allowance come. If they will receive money per week or month, that will come along with tasks they need to do, it seems something more than fair.
One company has a game which teaches kids about investing in a fun way. Also, all thru the ages, kids have learned about money by playing Monopoly. I think parents should teach their kids about money, because will be such an important part of their future lives. However, they shouldn't encourage greed.
My parents never taught us about money matters. I learned to be wise in handling money from my teachers in high school. In the social studies subject, we were given situational premise on what to do. The focus of our topic then was debt or borrowing money particularly that one with interest. The kids in the house have learned from me although I still emphasize the value of generosity. So we save on every grain of rice that leftovers should not be thrown just like that but we also give food to our neighbors.
My parents didnt teach me much about money. I had a piggy bank but they never really put an emphasis on it. I definitely think money issues need to be taught more in school and by parents at an early age. Money us freedom and is key to having a comfortable life.
