Teaching Your Children

by Pam
(Auckland, NZ)

It's important to teach children to be independent with their money and make their own mistakes but by watching what your children are spending their money on, you can steer them in the right direction.

If they are spending a lot on fast food and other "junk", talk to them and show them how they could have had "the latest cool stuff", for the same amount that they have been wasting.

It will open their eyes. Look at their bank statements with them and show them in black and white.

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Thanks Pam
by: Marlene

Pam that is very good advice. There are a lot of children that get quite good pocket money but they waste it on what we think is rubbish. Another way to help them is to get them to do an envelope budget. Not to pay bills but to save for some things they really want.

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