If you're looking for great ways to instill good financial values in your children, here is another idea you may like to try.
There are many ways you can teach your children about money, but you have to remember to do it on an age-appropriate basis. If you pay for your kids meals at school, what we suggest is, instead of giving them money each day to buy lunch, try giving them one week's or one month's worth at a time.
This is a great real-life lesson that can be used to teach your children about spending money. Certainly you don't want to give your first or second-grader a month's worth of lunch money, but start small with each child until you gauge how responsible they will be.
The key idea with this plan is not to bail your kids out if they run out of money. Of course you have to use a bit of grace and mercy and help them out once or twice. If the money continually gets spent on clothes, electronics and toys, you might show that running out of money is not a good plan. If they continue bad spending habits, you might let them learn a lesson the hard way. A great time to learn is when your children are still under your wings and you can pick them up when they fall.
