Ten Ways to Help Your Kids to Spend Wisely

money kidKids often view cash and gift cards as things that need to be used immediately. I recall how my now grown son spent all of his birthday money within two days after he had received it, often wasting it on things that he never used. When I voiced concern or suggested that he might want to save his money for a rainy day, he would tell me that it was his money and that he should have the right to spend it. I did not argue with him. Unfortunately, by the time my son was in high school, he never had any money to spend on events with his friends or to buy music downloads because he was so busy with school work. He has learned the error of his ways and is a responsible adult, but he still reg

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6 Responses to Ten Ways to Help Your Kids to Spend Wisely

  1. Joelle says:

    Thanks for the great tips! I’m now trying to teach the concepts of saving and delayed gratification to my 5 yr old. It’s a bit of an uphill climb but it’s better that we start now while he’s still young and listens to us rather than later when peer pressure kicks in. =)

  2. David Mitchell says:

    Joelle — You are prudent to start early. The older they get, the more entrenched they become!

    Good luck!

  3. This post has been included in the 141st Festival of Frugality at Almost Frugal, going live September 2, 2008. Please make sure to link back to the Festival and or submit it to sites like Digg, Stumble Upon, PF Buzz etc. Thanks for participating!

  4. Carlos Salazar says:

    Thanks for the great tips! Good article for reading especially for families that have several kids.

  5. Carol says:

    I really enjoyed this article. My older child is like yours, the spendy one while my youngest is the saver (and the earner, too!). Although my oldest just turned 14, I am still going to incorporate these tips in her training because I don’t want her to be dependent on us for the rest of her life.

  6. David Mitchell says:

    Carol — Thanks for your kind words and good luck with your 14 year old! I hope my tips help. Let us know how they work for you.

    Cheers!

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