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.
