MyParentingSource Learning Hub: Financial Responsibility

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Tips

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Start teaching kids about money early. (Read more...)

Start teaching kids about money early.

By the time kids reach their teens, they should have had experience with saving, earning and spending money. They should understand the need for tradeoffs when it comes to deciding how to spend their money.

To teach kids how to save. (Read more...)

To teach kids how to save.

Use an attractive savings chart so that younger children can see their savings grow until they can purchase the item they’re saving for.

Use the computer to help older kids develop money management skills. (Read more...)

Use the computer to help older kids develop money management skills.

Create a spreadsheet that helps them track the money they bring in against the money they spend and save.

An allowance gives your child experience in managing money. (Read more...)

An allowance gives your child experience in managing money.

Use allowances to teach kids to budget for what they need and save for what they want.

Articles

Financial Responsibility

Introduction

As a parent, you have many roles.

When it comes to financial responsibility, you teach both by your own spending behavior and by the learning opportunities you provide. By the age of 5, kids already have some knowledge about money from watching you. They know you get money from the ATM machine, and they know you go to work to earn money.

Teaching your children the skill of managing money is a valuable gift. Kids have so much to learn about responsible money management, and the more they can learn at home, the better.

Even if you’ve had financial challenges of your own, you can be a good teacher. You can read tips for teaching children to handle money and learn alongside them.

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