Photo by: David Castillo Dominici
Help them manage their money
It can be a big bone of contention, especially among older kids. Should parents control their kid's money and savings? It's not that easy an answer. If a child worked hard to earn their money, should they be able to spend it on whatever they want? I say yes, but with a caveat. Parents should help kids make good choices and protect them from the consequences of bad ones. Not all bad ...
more Photo by: David Castillo Dominici
Help them manage their money
It can be a big bone of contention, especially among older kids. Should parents control their kid's money and savings? It's not that easy an answer. If a child worked hard to earn their money, should they be able to spend it on whatever they want? I say yes, but with a caveat. Parents should help kids make good choices and protect them from the consequences of bad ones. Not all bad consequences - but certainly serious ones. Sometimes dealing with the consequences of a bad choice can be a really valuable life lesson. But if you see your child about to make a decision that's really bad or is going to result in long term problems - it's your job to step in.
For 5 more mom-tested tips to teach kids about money and finance, visit Babble! less