Helping Children Learn Money Skills

Teaching our children that they are valuable members of the family is an important step to helping them growing up. One of these steps is helping children learn sound and good money management skills. It is a skill best learned when kids are young, and when the consequences are small than when a child is older and the cost is large. Teaching the value of money and how to budget, to plan for expenditures, and how to save are very valuable lessons, and most effectively learned at home.

As a military Servicemember, you experience and model discipline each day as you serve your country. Well teaching our kids self-control, and giving them the ability to plan and to save is just as important, and helps teach them discipline starting at home. One of the best methods to teach and guide your children in financial matters is by using an allowance.

Teaching your child to manage and safe is not as hard as it seems. Using an allowance a child can start early, even as a young toddler, to realize that things in the world cost money, and that it is possible, even desirable to save your money until you have enough to purchase what you need or want. And having to wait and save their money helps teach patience and discipline.

Allowance Benefits. Some of the benefits that can be possible using an allowance as a teaching tool include: Self Worth: Your child can be encouraged and learn to save and spend, and feel that they have some control over their affairs. They can also be taught early to give a portion away of their treasure to help others, for charity. Consistency: If you are disciplined and give your child their allowance at the same day each week, they will learn and be able to plan, teaching several lessons in that itself. Safety: A child can have an allowance, and if they make an unwise choice and blow the entire amount they can learn now, in childhood rather than as an adult when it’s more of a costly lesson. Budgeting: The amount of their allowance should be carefully considered, knowing that your child needs to see their allowance as something they can save not just squander way. Possession: Learning to budget and spend is always based on ownership and responsibility, learning the allowance is theirs to spend but also their responsibility helps children learn. Consequences: Children with allowances will always at least once spend all their money swiftly. Not having any money till next allowance teaches a child there are consequences for their behavior.

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