discuss How do you teach children the value of money and responsible spending?

[Ashake]

Children can learn the value of money by receiving an allowance weekly, with guidance on wise choices. Sometimes, I and my children did stuff together about money budgeting for a toy and more often we went shopping for groceries and set a budget, thereby prioritizing our needs over wants.

 

[ActionAce]

I use normal everyday situations to teach my children how to manage their money. For example, when we are shopping, I'll let the children in on why we choose some items instead of name-brand ones. I also have them do some daily chores or small income producing chores to earn pocket money-that way, they learn the value of work and responsible spending.

 

[1stop]

The thing to be taken to heart by any parents is to educate a child about the 50/30/20 rule, which is ideally, 50% for basic needs, 30% for other expenses, and 20% for savings. This plan gives the kids exposure to budgeting at the most basic level.