Comments on: Should You Manage Your Kids Money? http://www.moneyrelationship.com/family/should-you-manage-your-kids-money/ Our Journey to a Debt Free Life Mon, 15 Mar 2010 02:47:14 -0400 http://wordpress.org/?v=2.8.5 hourly 1 By: CreditMom http://www.moneyrelationship.com/family/should-you-manage-your-kids-money/comment-page-1/#comment-95 CreditMom Mon, 08 Sep 2008 13:03:27 +0000 http://www.moneyrelationship.com/?p=96#comment-95 I think this approach hurts your children. The key is to start them off with responsibility very early. This way they learn to budget properly. It's great to get allowance but the real lesson is what do they do with it afterwards? Do they spend it all on junk or do you require them to pay for expenses? We have chosen to provide allowance for chores and then have them pay expenses like school lunches, snacks and bus fare out of this money. They also must designate money for savings. What is left over, they may spend as discretion but we make sure there isn't much left over! Children need to learn by making mistakes. Always coming to their rescue is not a good way to learn. I think this approach hurts your children. The key is to start them off with responsibility very early. This way they learn to budget properly. It’s great to get allowance but the real lesson is what do they do with it afterwards? Do they spend it all on junk or do you require them to pay for expenses? We have chosen to provide allowance for chores and then have them pay expenses like school lunches, snacks and bus fare out of this money. They also must designate money for savings. What is left over, they may spend as discretion but we make sure there isn’t much left over!

Children need to learn by making mistakes. Always coming to their rescue is not a good way to learn.

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