We know talking to your kids about managing their pocket money will not be easy.
Teaching the value of saving is also about managing how you spend money and the time value you spent on making that money. Next time you go shopping with your children, have them answer simple questions like, “Do you really need this item?” or “Could it cost less somewhere else?”. This will help them gain perspective on wants versus needs and how to make the most of what money you have. It will also help the manage bigger sums of money, so budgeting feels like second nature when they grow up.
To kick-start the conversation with your child about budgeting, watch the below video with David and Libby Koch discussing some approaches you could take when talking to your kids about money.