How to help your child learn to manage money responsibly?
As you teach your child how to deal with money, so will you. Surely your goal is to make him a young man who will strive for financial independence, not to see you as an inexhaustible source of money and constantly expect you to fill the gaps he has made.
Every child should have a safe in their room. Pay attention to it every time you put a coin inside to realize that you are doing something important, that is, that saving is important. Shake the box and show him that you value saving money. At first he may not be happy that the money with which he can get something right away you make him put aside, but when the reward arrives he will be more motivated.
Older children aged five and up can already get pocket money, of course if they are mature enough at that age and not all children develop the same. If you give him some money at the beginning of each week and he knows that with that money he should go to the next one, he will already start to develop a sense of responsibility. He will learn that the amount of money that each person can spend is limited and he can not constantly ask for more.
When the child is older and you give him a pocket money, direct him to saving for different purposes. Add two more to the one in the box and now let one be for small expenses, such as chocolates and small toys, in the other let him save so that he has money to buy a gift for his brothers, sisters, friends or other close ones for his birthday, and let the third be for some more expensive things. Whenever he gets more money and saves a little, he can direct them where he thinks he should.
Enable and encourage them to earn
If he wants to buy new rollerblades, scooters, bicycles or something similar that costs several thousand denars, with a pocket money of several hundred he will never be able to raise money on his own. But if you allow him to somehow earn that money and thus get another source of income, it is possible, and he will realize that if he works more he will have more. Find him a task that he will have to complete in order to make money. In this way, he will gain work ethic and will better learn the connection between greater effort and greater reward.