Mom, can I have this? I need a new set of headphones for my iPod. Mom, when you go to the store, will you pick up _____ for me? You fill in the blank on that one.
How many of you have heard or are hearing statements like these all day long in your house? What is a parent to do? For starters, teach a unit about money during math. Then move on to lessons about finance needs for a family and for a young adult. If we teach our children how to budget starting from an early age, we are setting them up for greater success in their financial lives as an adult.
Kids need a solid foundation about the real world. They need to know what it takes to be financially sound. If everything is handed to them when they are young, they will not be able to survive as an adult. They will always need Mom and Dad to help support them.
Do your child a huge favor and teach them how to set up a budget for their allowance, if you give an allowance. Even if you do not give an allowance, teach a mini lesson in which they make and set up a pretend budget to follow for a month. They will thank you when they are out on their own.