Today, children want money just like parent want money. The problem is that parents work every day, and kids only go to school and then come home. Most kids do not know what it means to go to work. Moreover, many kids believe their parents are obligated to send them money. Even worse, once children get money, they immediately want to spend it on toys or something similar. There are certain things parents can do to teach their kids how to budget money.
The first thing parents could do is make their kids work for the money. This will teach kids that money does not just come to them out of nowhere. This will show them that they have to work for every dollar they receive. In them working for this money, they will not be quick to spend it. This is also a good tool for them to save and budget their money. Parents should also give their children money based on chores. If they miss a day of chores, they miss a day of allowance.
Parents should also help their kids budget their holiday money. Some parents do not agree with this, but this will help children in the end. On an average birthday, a kid may receive one to three hundred dollars. Most kids will spend this in one day and on silly things. Parents should teach these kids how to make this money last by giving them a few dollars each day. This will show them they can really live without the silly things they were going to spend their money on.