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.


Statistics
  • The average family spends $261,000 to raise one child to age 17.  (USDA, 2012) 
What You Can Do
  • 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.
Additional Resources
  • "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.