Helpful Tips to teach your Child to Manage Money

Well, Its never to early to teach your child the value of money, here are some practical tips on teaching your child to manage his own money.

• Money Jars. Divide clear jars (since kids are visual) for different purposes, such as short term (weekly) and long term (money you can physically put in the bank) purposes. Discuss with your child what these are for and how the money saved will benefit him int the future.

• Have a field trip to the bank. Bring him along when you deposit his money so he has a concept of saving, and explain where the money will go to, say for his college tuition or birthday party.

• Chores. Encourage regular age appropriate chores (packing away of toys, setting the table, etc.) something your child can do well without Yaya's help. Let him earn his money.

• Money monitoring. Ask your child to write down in a small notebook all his expenses. This way, you can monitor how responsible your child is and what his needs are.