One important thing to teach your children is how much things cost. This can be a difficult thing for children to grasp. They may not understand why there is not enough money at the end of the month for the new pair of jeans that they want. If they are young, they may want something as simple as a treat at the grocery store each, week, and not understand why you can not get it for them.
As soon as you feel your children are old enough to begin to grasp the numbers, then you can sit down with them, and begin to explain the costs that come with running a household. Many teenagers have no idea how much it costs to keep the lights on in your house. Or how much those long hot showers really do cost. They are more focused on keeping up with their friends, and having fun.
As soon as you expect your children to begin to show some financial independence, they will begin to grasp just how far a dollar does not go these days. Once they have a job in high school, and realize that the jeans they want cost a whole week’s worth of work, or that a movie is one night of work. They will begin to think differently about the choices they are making.
One friend of mine told me how her daughter insisted that she buy the most expensive salon hair products all through high school and college, while her parents were supporting her. On a recent visit her mother realized that she had switched to Suave. Her daughter realized that her time was worth more to her, than the nicer hair products.
Once your children begin to equate the amount of work required to afford the things that they both need and want, they are on the right path. This knowledge will help lead to financial responsibility. It is important that your children realize that they will not always get the handouts that they have while living at home.
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