1. Use allowance as a teaching tool
Give your kids their allowances with no strings attached to help them acquire money management skills through saving and spending trial and error.
2. Boost their confidence
Don’t let your child’s spending habits sway with peer pressure. Instead, help them build a sense of worth that’s independent of material possessions.
3. Say no
Refuse your children’s requests on occasion so they can learn how to accept a no.
When turning down a request, don’t mention money. Instead of saying: “We can’t afford that right now” Try: “You don’t really need that right now.”
4. Encourage work
Kids who hold down a job learn responsibility, develop a work ethic and will value their money more. Encourage your child to look for summer jobs and to accept the occasional babysitting job or lawn work.
5. Model gratitude and giving
Teach your children to appreciate what they have and to give back to others by using every opportunity to model these behaviors yourself.