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Tips to make kids participate in budgeting?

post #1 of 3
Thread Starter 

I was thinking how important it is for kids to learn to have an appreciation that money should be spent wisely. At what age and how did you/are you doing this with your kids?

post #2 of 3

My kids are 10, 8 and 5 and I involve them in many financial discussions. I have shown the oldest our credit card statement and our monthly budget. The older two know how much our house is worth, what heat costs, etc. 

 

For the past year we have been giving them a small allowance (their age per month) and then letting them use their own money for any purchases they want to make. It's funny because they have been unwilling to spend ANY of their money! So now I'm trying to get them to be a little less frugal so they can learn that sometimes it's OK to spend some of your money!

 

I'm interested in seeing what everyone else does... 

post #3 of 3

((lurking))

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