In any home, kids play a major part. As they mature, children learn about how and what life really is, and the most important thing that governs their life; money. Rather than explaining to your child about the importance of money and how it should really be spent later on, it would be a wise idea to begin nurturing your child in the basics of money from the start only, because not only does it help in training the mind of the child in a better manner, but it also ensures that the child knows how and where he is to spend his money.
For young children
Children of ages 4- 10 need to be taught about the importance of money. As a child grows, they will make demands from you regarding what they want and what they need. Rather than making false excuses about how your child could do with something better, you should just tell them about how a certain item falls outside the budget range, and instead an alternative is available.
Granted, your child is likely to flip out at first and create a huge fuss, but soon he will begin to realize about the power of money. This is very helpful for his upbringing, because it will help the child in realizing how to spend money wisely. It is not necessary to give your kid a full review of the nature of your homely spending just yet, but the kids should be reprimanded on how they spend their pocket money.
Teenagers are usually very rebellious and tend to get angry at the slightest of things. However, it is important for you, as a parent, to make sure that your child knows the importance of money. Teenagers like to spend money on whatever attracts their eye, but if you can limit their spending rather than giving them whatever they require so easily, you will soon be able to see a positive change in what they spend their money on.
By teaching your kids to be financially responsible, you are making it easier for yourself to live your life in a liberated manner. You do not have to worry about your child throwing extravagant sums of money on petty stuff, nor do you have to worry about your child getting in to trouble. By teaching your kids to be responsible about their money expenditure, not only are you ensuring a bright future for your kids, but you are also ensuring a peaceful present for yourself. By simply taking your time to teach your kids about the importance of money, you will make their lives infinitely easier, and yours too.