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The majority of parents want to provide for their children, and pocket money is a main need. Parents are thus not only responsible for providing shelter, clothing, and food. If you give your child money and let him/ her spend it in any way, this can be even dangerous. Not only will they not learn how to manage money and suffer later in life because of it – they may just end up spending your hard-earned cash and expect more and more. Money management is a skill they will definitely need, because if they fail to develop it, they will suffer at the hands of creditors or worse.

If your child is very young, you may play games like Payday and Monopoly with him/ her. They will enjoy themselves and learn about money management at the same time. Money management learning should start with the first time your kid is given an allowance. For example, if they get money as a present from a relative, do not keep it for them. First, you might spend it, and they’ll be left with the horrid childhood memory of their parents being thieves. It is better to ask your kids what they want to buy with this money and help them choose, or suggest something, if what they want is really expensive, and you have to cover most of the cost. If this is the case, you could advise your child to save all or part of the money for this special and expensive purchase.

Your child should have a safe place to keep their money as well. You could get them a neck pouch or money belt, because they might lose wallets or purses. A piggy bank is also a good idea, although perhaps not the most appropriate thing for an older child, say one in his or her teens.

They are very appropriate for younger children, especially the see-through kind that let them see the money grow. Tell your kid to save the change when shopping, and when the piggy bank, belt, or pouch is full, you can count the money together. Then, you can give them bills for the coins or deposit the money in a bank. This is a great opportunity to teach your kid about savings accounts, deposits, and more.

Let your child make the grocery list and take them shopping. This is a great chance to help kids learn to compare prices. They will learn what a certain sum of money buys in one shop as opposed to another.

Your children should earn at least a portion of the allowance. Get them to do chores around the house. Finding a summer job is a good idea if your child is a teen.

Some recommend that you give your children a weekly allowance in dollars corresponding to their age – $7 to seven-year olds, $15 to 15-year olds and so on. This is not as important. Teaching them about money is the most important task you are facing.To get more financial news visit Credit Cards Blog

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