Teaching Your Children About Money

January 4th, 2018 by The Franchise Development Team

_bh_5541Do you remember being in your teens and your early twenties? Were you low on funds due to unnecessary spending? Help your children learn the value of a dollar in their younger years to help them save later in life. By setting up an allowance, you can teach your children to budget, save and learn the difference between needs and wants.

Offer your children an allowance and let them buy anything they choose with that money for a limited time. Afterwards, talk with your children about what they could have gone without to save money and what was right for them to purchase.

Make a budget with your children. Talk with them about how much they’d like to put in their savings accounts from each allowance and how much they want for personal use. Since young children don’t need to spend money on necessary items, such as food and clothing, be sure to explain that as they get older, they may have to spend their money on many other things that they need. That’s why this is a wonderful time to start saving.

Help your children stick to their budgets, and keep emphasizing how important it is to save money for what they need rather than what they want.

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