Q.  How can I help my kids learn about how to manage money and budget so they will have a better chance later on in life?

A. Teaching your kids from a young age about good money habits is extremely important and can be extremely advantageous when they grow up. There are several simple, yet effective financial lessons you can teach them to help pave the wave for a wealthy future. 

1.    Show them how to budget: Some ways you can teach your children how to budget include: giving your kids a fixed amount of spending money when you go away on a holiday. Help them work out how much money they can spend each day so they don’t run out of money. Another option is to go to the grocery store with a list and a fixed amount of money and tell your kids they need to buy everything on the list and as a bonus, they can keep any extra money that is left over. This can help motivate them even more to stick to the budget.

2.    Importance of hard work: Teaching your kids about responsibility and the value of money is an essential part of growing up. If you have children old enough, consider helping them get a casual weekend job. By starting young, they will be able to develop a strong work ethic early and will also learn how to become more independent. If you have younger children, create a list of chores at home with a reward program. For example, smaller jobs, such as making their bed, may equate to a few dollars, whereas bigger jobs such as washing the car may equal a bigger reward. The sooner your children learn the value of hard work, the better prepared they will be later on in life. 

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