Kids and Money

By Cozette M. White

Money management skill is one of the most important skills that parents can impart their children and the preparation for that should begin at home. Considering that we only have about 18 or so years to nurture and guide them before they fly the nest, the sooner we impart money saving skills in our kids, the better it will be. Giving kids an allowance on a weekly, fortnightly or a monthly basis is one way to teach your kids about managing within limited means; another more effective way to teach the value of money as well as hard work is by paying kids to do the household chores.

Modern parents often complain that kids nowadays take their sense of entitlement to an extreme. Kids crying in the mall because they want a certain toy or a particular outfit is not an uncommon sight and you would have seen the parents giving in too; how then do we teach our kids the value of money? Child behavior specialists suggest paying them to do the household chores could be the easiest way to do so. Not only will it teach your child the virtue of hard work, but it will also inculcate a sense of money management by helping him plan ahead.

Parents can set reasonable goals for the children to help in household chores depending on their ages and assign a certain monetary value to each chore. These should be over and above the daily chores that the children have to do anyway, like making up their beds and tidying their rooms. This would also mean that the parents need to have an effective monitoring system in place which will assign a specific amount to each chore and evaluate each performance before giving the reward. Cleaning the yard, taking out the garbage, emptying the dishwasher, cutting the vegetables and setting the table are a few chores that do not carry a risk of injury and can be easily performed by children of most ages.

One part of teaching money management to your children is allowing them to spend their hard-earned money on something that they really want; another part is to teach them the virtue of saving. Just like adults need to save for their retirement, kids too need to save for their future. Teaching them the importance of saving is a significant step towards teaching them about wealth-creation. It is important to have frequent discussions with your kids regarding money and its management for a secure tomorrow.

Our Infinity Wealth Circles Chore Chart Systems launched as a practical way to teach children about money and wealth at an early age.   The chore chart system teaches children to assume responsibilities around the house and encourages them to work together as a family unit—after all it’s all about “one team, one dream.” The system enables youth to assume personal accountability for their actions and helps them to understand they must “earn” money and not “burn” their parents’ money by thinking they’re entitled to it. The system also empowers to establish financial stability and eliminates the entitlement mentality. When the program was introduced, it skyrocketed on social media particularly among parents who were drawn to get this message to their children. “If we don’t help our kids develop healthy money habits, then they become accustomed to being rewarded for participating, not producing.”

The Infinity Wealth Circles Chore Chart System, please visit – http://myfinancialhome.com/lp/chore-chart-system/

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