Children should learn the value of money. Too many times parents simply give their kids money to go to the movies or to buy the latest gizmo without the child understanding that the cash did not just get pulled out of thin air. Kids will learn quickly if they can get something for nothing.
It is far better for the child to learn that money has to be earned. Parents are not teaching their children how to earn money at a young age. They give the child a toy just to spoil them and wonder why the item is only played with for a couple of days and now remains in the corner of the room gathering dust. The child did not really want that toy. All they wanted was for somebody to buy them something. This cycle continues until the parents are willing to stop buying the stuff and start allowing the child to value what they are given.
Everyone knows that the things that you buy for yourself are those items that you will take good care of. Spending your own money that you have saved, then buying that treasured item, makes it that much more important to you. You know that you wanted that item and you will take care of it. It should be no different for your children. Really, at any age when they start demanding things to make themselves happy, they should start working for that item. You and the child will find out very quickly just how bad they wanted that item.
There are numerous chores that a child can do around the house to raise money. Have older kids rake the leaves or cut the grass. Younger kids can straighten up the magazines or run out and get the paper in the driveway every day.
The point is they should earn the right to purchase the item they covet so badly. Kids should tell their parents that they are working towards buying something. Parents can then set monetary values on the different chores the child will do. If the child wants to buy a $50 video game, it does no one any good if they were to pay them $50 simply to sweep out the garage.
The child should be made to work and save. Ideally for older children it would be great if they were to find extra work to perform at a neighbor's house. You will find that when kids really want something they will be constantly asking if there is anything they can do to make some money. Parents should view this as both a way to instill some financial values in their children as well as making the child a functioning member of the family.
Making the children more financially accountable will help free the parents from having to perform all the household chores. In turn, the children will understand the value of money and learn how to set and accomplish their goals.
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