Teach your child to spent wisely
1. A regular allowance, no matter how small, helps give a child a sense of independence and responsibility. He learns how money can be used to buy things he needs or wants.
2. Do not give him more money when he runs short of so that he will learn to limit his expenditures. If he needs to have money badly, give him some but consider it an advance to be deducted from his next allowance.
3. Don’t use money emotionally. Giving money a reward for good behavior or withdrawing or reducing his allowance as punishment for misconduct.
4. Encourage your child to earn. Teach him to earn for future use.
5. Get your children to share in money decision, when buying some expensive things. Discuss it with your children and let them offer suggestion.
6. The important factor is to train your children in managing of money. No child is too young to be train by his parents about money matters, the earlier is the better so that they will value even a single cent how to spent it wisely.
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