Sunday, September 7, 2008

Help Your Child Become a Good Money Manager

You are a role model for your child.
  • Let your children see you managing your family income and keeping financial records.
  • Try to guide and supervise your children’s spending, rather than dictating to them how to spend their money.
    • Be clear about money and spending rules. What items are OK to buy and which are not?
    • Help them think through their choices.
    • Allow them to learn from small mistakes.
    • Praise them when they make good money decisions.
    • Do not use money as a reward or punishment — nor to pay for regular family chores.

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