Raising Money-Smart Kids - part 2

Reaching adulthood with the insight and incentive to be a good money manager does not just happen. It takes a commitment on the part of parents to raise their children with the knowledge, skills, and motivation to maintain control of their financial resources. For raising money smart kids, try the following tips:

Let children make mistakes with their money. Though it is tough to see children waste money, it may not be wasted if they learn a lesson from having made a poor decision. Encourage children to budget. As they get older, children gain experience at budgeting by having a set amount each month for certain expenses, such as lunches, recreation, and clothes. If they come up short, think twice before you provide them with an advance.

Set a good example for your children. Children take their money cues from their parents. If you earn, spend and save wisely, your children are more likely to 'money smart' also.

Source: "Raising Money Smart Kids," Carole Prather, CFE State Specialist, adapted from: Eleven Tips for Raising Money-Smart Kids.

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