With the average consumer debt rising each year, to help avoid the difficulties that arise with this, there is a growing need to help our children understand money and how it works.
“Do not save what is left after spending, but spend what is left over after saving.” Warren Buffett
Riches are a good handmaid, but the worst mistress. Francis Bacon
“The best way to teach your children about taxes is by eating 30% of their ice cream” Bill Murray
“Its amazing how fast later comes when you buy now!” – Milton Berle
“If you would be wealthy, think of saving as well as getting.” – Benjamin Franklin
Our overriding desire for teaching our children about money is so they can be self-sufficient and help them understand the consequences of spending beyond their means and the freedom that comes from living within their means.
We adapted a system that we read from Richard and Linda Eyre. It helps ensure the children start to learn responsibility, the value of work, accountability, routine and how to manage money. See children and their responsibilities under control the environment.
There are some great resources for ideas of how to help your children understand the concept of money.
Top Ten Parenting Tips #5: A Family Economy to Combat Entitlement