Children and Money Management
- Childhood is a good time to teach children to earn, save, budget, keep track of their balance, set priorities, learn to spend money wisely using self-restraint, and learn to be honest in all of their financial affairs.
- The average family spends $261,000 to raise one child to age 17. (USDA, 2012)
- Parents can set an example for their children by avoiding unnecessary debt and planning for your own financial future.
- All children need to hear these words: “We can’t afford it.”
Remember—Giving your children everything they want makes them selfish.
“No” is the most character-building, 2-letter word in the English
language. Well-meaning parents give their children too much of what
they want, and too little of what they really need.
- Allow children to learn from their financial choices, successes and mistakes.
- Encourage each family member to donate some of their earnings to those in need.
- Make a family and Christmas budget, and stick to them.
- "The Money Smart Family System" by Steve and Annette Economides explains how to reduce the cost of raising children to less than half of the average cost.