How kids can spend money wisely

Children, Chores & Allowance

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We love our children, and of course we want them to have all that they need…and much that they really don’t need.  Do you find yourself at the crossroads of another meltdown with your child at the checkout because of something that they have eyed and can’t live without?  Of course you have!  We all have!  But there may be help in teaching them to curb these emotional attachments for things that they won’t remember five minutes after they arrive home.

Teach children money management.
Children and money.

Get creative and help your children earn money and teach good money management, which in return will help them to make wiser purchases.

Help make earning money fun.  The following Here is a list of chores your young child can accomplish with minimal help:

  • Picking up toys
  • Feeding the family pet
  • Collecting household garbage/ recycling to be taken out by adult
  • Setting the dinner table
  • Sweeping
  • Cleaning toilets
  • Tidying their bedroom

Pitfalls when it comes to chores.

  • Don’t insist on perfection.
    • Your child is not in the military.  They are children and still learning.  Challenge children to excel, but don’t scold.
  • Don’t delay.
    • You may think that your child is too young. They may be more capable than you think.
  • Don’t be stingy with praise.
    • Get that praise going right away! Don’t wait until the chore is done. Praise and encourage the child while the chore is in progress. You want to build positive momentum, especially with young kids.
  • Don’t be inconsistent.
    • Be regular and don’t allow for putting off for another day.

HAVE A PAY CHART

Have a chart posted where your child can visible see it so that they see how much they earn with each job.  Pay weekly and help your child to spend the money on items that they have made a list of.  This will assist in keeping them focused instead of spending on impulsive items.