Teach Your Kids the Value of Money

05 December 2011 - Which Way to Pay

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Teach Your Kids the Value of Money

We all live very busy lives, especially if youíve got children. It can be difficult in getting the balance between providing for your kids and spending time with them. In a culture of consumerism and instant gratification, many children donít fully understand the value of money and honest hard work. Itís not all down to their home life, but there are some things you can do to encourage your children to have a good work ethic and to understand that hard work has its rewards.

The easiest way to do this is to introduce an awards scheme with their pocket money. Make deals with them. If chores are completed they will receive the base rate of allowance. But also introduce ways in which they can earn more by putting more effort in, either by doing more chores or by doing a job particularly well. This will show them that a job well done will be rewarded, in both quantity and quality of work. By topping up their prepaid card or bank account on a monthly basis, you will teach them important lessons about budgeting. Just don't give in!

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