How to teach our children managing money?

This is very important to teach the children how to spent ,the easy way is to teach is that first make the mind of children what are the things he should purchase or nor then teach them not to spent money suddently if their be two choices which is best for children ,how he think about ,

I always saved some money for all of my children. Always take them with me shopping so I tell them how much (cash) I have to spend, what we need (they make the shopping list as well) and if we can afford what is in the shop. they are great in counting/saving. To them it also doesn't matter if they buy something for themselves (which they seldom do) or the shoppings. They know what to buy and what not and can look for the cheaper stuff. They seldom had pocket money. The youngest have but mostly save it. The eldery childeren went working at a certain time and had to pay for a part of their schoolstuff themselves so they also know how much money they have to spend, what they need and where to buy it. I don't think there is a special way to teach childeren. Some will never learn it, esp if they are very vunerable for what others have, want to join the club/clique they will keep spending even as adults. Most adults are not able to manage the money they have well, so do not expect this from your children if you are one of them. The best thing is to work with cash. No bankcards, creditcards, loans.

Just give enough money to you children, always discuss to the them the importance of saving the money, don't give if its not necessary, before giving the money ask them first on what they're to do with the money. If they complain about the amount you give to them, then try explain the reason, so they were able to understand.

Teaching children about money and how to manage it well is one of the best skills you can give them. I've known people who came from families where money was always a problem, always mismanaged and always a struggle. Because that was the example that was set, it became a lifestyle that was just emulated from generation to generation, i.e., "My parents were terrible with their money so now I am too." It's not necessary for that to happen. There are lots of books and websites and games and things that can teach children about money... but parents can be excellent teachers on their own. We can give children a regular allowance (experts often suggest $1 per week for each year of the child's age... so, for example, a 10-year old could receive $10 per week). Once they are receiving regular allowance, we can begin to introduce the concepts of budgeting. We can teach them the difference between "needs" and "wants." We can teach them to divide up their allowance so that they set aside a couple of dollars each week as their "long-term" savings and have a couple of dollars that are just for their spending. If they are old enough, we can take them to the bank and help them to open their first bank account. I think it's really important to teach children that money is finite. Younger children see people getting cash at a bank machine or using a debit card in a store and they can get the sense that the money supply is endless.

My parents taught me how to handle money well. When I was young they bought only things I needed. Things that I wanted they rarely bought. If I wanted to really buy something, they taught me how to save my allowance so that I would be able to buy the item.

at early age dont practice giving them money. always teach them about thrifty. dont buy too much wants for them just buy what they need . with that your child will be able to realize that money shall not be wasted for nonsense things .

the parent must control the money for their children, I think every child has a different character there who want to be taught and some are opposed when taught. I myself was taught by my parents not to bring a lot of money, the rest of the money will be saved and used as needed. My parents also told me that if I am late to go home so I was given the penalty was not given pocket money for a week.

First teach them the value of money. How do a person earns money and what are the difficulties faced by the person earn money. We should teach children how to save money and where exactly the money is to be spent. But a correct time is required for all these things as we cannot teach them in small age. They should be capable to understand things then we can teach them.

I think one of the things I'm most grateful to my parents is that they only gave me presents once a year. They told us to choose next Christmas present, we have a year to focus on that and of course as a kid I'd change my decision a little, but as years passed by I was more sure of what I wanted ending by most of the years I didn't change my mind, waiting 360 days for the same thing, because of that I was never addicted to material stuff. I in the other hand miss that they never gave me allowance and even the money I earned working for many years they used it so I think this is wrong and at least a small amount should be handed to kids so they know what it is like to spend and scr*w things up, learning to save money then after a well learned lesson.

I think parents can be the best example for the kids and they try to imatate everyday through their parents.So i think you dont' need to tell them on purpose.Having a right attitude towards this is important.So it's really hard to say i think.

Hi ! Teach them by example . You might be teaching them about how to spend wisely but you yourself is not doing it. Buy here and buy there are the things might they be seeing from you. Teach kids to know their needs and limit their wants. From there they will know what are the things to be bought. Teach them also the beauty of saving a cents.

Parents should not give money always to their children specially when they have done a good job. They should only give what is enough. I prefer giving them food than money aside from their transportation expense.

Hi friend, usually I give money my child every day based on her needs. I never give her more than she need. And I always force her to save part of all money that have I give her. I never give her in a week or in a month.