Teach Your Child to Manage Money

when your child begs for that amazingly awesome alien that spits green goo? Those answers might seem like easy, harmless ways to teach children about money management, but you might be doing more harm than you realize.

The language you use about money tells your child how money fits into your life and your decisions. While the truth might be that you don’t have extra money to spend on the green goo spitter, you do two things that set your kids up for failure when you give answers like the examples above.

You indicate that if you actually had the money, that you would buy the toy. Is this really the truth? Do you really want a green goo spitter in the house? Does your child really need another toy to add to the clutter? I’m guessing that most of us still would not randomly just buy the latest fad toys to fill our homes, even if we had the means to spend frivolously at our disposal.You teach your child that money gives you power, and you are powerless without it. While some of us might nods our head and say yes, the world does work that way, it is important for our kids to learn that we still have the power to control our financial decisions. Even if we only have $25 to our name, we still have the choice how to spend that money. We might know that we need it for food for our family