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Being a parent automatically means spending money, but you don’t have to spend it all on toys that your kids don’t need. If you want to do what is best for your kids, you should help them learn the value of money so that they can spend it wisely as they grow up. This lesson not only helps them in the future, but also helps you now.
One of the best ways to start teaching kids about money is to give them an allowance once they are old enough to do some chores around the house. You can give this to them weekly or monthly, and you are encouraged to give them dollar bills when possible. This way, it is easy for them to see exactly how long a dollar really lasts. Though they will probably be eager to go to the toy store to spend their allowance, you should try to space out the trips. You should notice that they are much more excited to head to the toy store when it is a rare treat rather than a regular occurrence.
Another way to make your kids appreciate money is to let them learn by example. Make a budget of what you really need, and then take a list with you to the store. This way, if either you or your child wants something that is not really necessary, you can avoid buying it with the excuse that it does not appear on your list. These tips can save you money while helping your child become financially savvy.