How to raise financially responsible children

Raising responsible children is one of the most difficult jobs in the world. Responsible children understand that money has real value and are respectful of it. A responsible child knows that a good education and a stable upbringing will bring them many advantages in life, and that they cannot rely on their abilities alone. Raising responsible children is also about teaching kids to care for people, and to be generous and kind at the same time.

Here are some tips to help you raise financially responsible children:

• Make your child aware that money has real value. Explain to him or her that money is the only thing that won't be lost or waste. Teach them to save for a rainy day or buy something that needs to be used instead of buying things that will end up gathering dust in a corner. Explain to them the upsides to saving and how they can gain from it.

• Give your kids a realistic chance at earning money. Explain to them that in order to earn more money, they need to learn practical skills such as working smart and hard. They may find this idea a bit odd, but it is important for them to learn these things so they'll have a good foundation for future endeavors. Show them examples of how financially responsible children learn by doing simple tasks, such as asking for and making payment at the store.

• Encourage responsible children to learn about money by being generous with it themselves. Help your child with household chores, take them shopping or even simply go shopping with them. Your kid will learn to appreciate your support for him or her, which could end up leading to more financial opportunities in the future. Once your kid learns to earn money, you could ask him or her to do some small projects that could use his or her money. Your kid will learn about responsibility and he or she will feel proud about contributing to society.

• Be patient with your kid. Kids who are responsible enough to ask for help before they have completed their tasks often receive the help they need. Even though you can't always give them money right away, you can always offer to help them out whenever they need it. Don't expect them to just wake up one day cashiering their own pay, but be there for them when they need it. You can even offer small amounts of money to them as an appreciation for a job well done.

o Be generous with your kids in other ways, too. You can show them that helping others also means helping yourself. This is one of the basic moral values any family should practice. Once they learn the concepts of gratitude and helping others, they'll be able to see the opposite sides of any coin issue and hopefully avoid getting into debt.

In today's economy, it's pretty unlikely that your child will be able to continue attending the same school his or her peers are attending just because that school offers merit-based tuition payment. It's important, nevertheless, for your child to understand that the opportunities that exist around them right now don't always exist down the road. Learning how to prioritize and earn money for college now will allow them to prepare for the changes that are sure to come.

Raising financially responsible children is one of the most rewarding experiences any parent can ever go through. If you've got older children of your own, it's a good idea to spend some time raising them to be financially responsible. This will benefit all of you, no matter what stage of life your children are currently in. Even if their parents aren't earning much themselves, helping them set up a modest savings or retirement account could be a great way for your children to feel appreciated and get a sense of financial security. And don't forget: Raising financially responsible children is about the whole family.

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