How to Teach Your Kids About Financial Responsibility

When it comes to being a great parent, there is a seemingly endless list of life lessons and skills that you want to teach your child or children. Of course, instilling them with great morals and wisdom is crucial, but it is also really important to teach them some of the most important lessons about becoming a productive member of society.

After all, no matter how young they are now, they will one day become adults and leave the nest.

For that reason, one of the most important things you must teach your kids before they leave for the real world is about financial responsibility.

Whether it is teaching them about the importance of making and saving money or making sure that they have the money they need to afford their lifestyle, there are so many things they need to know. It can even be a bit overwhelming.

For that reason, we have broken down some of the best ways to teach them about financial responsibility, one of which is get them debit cards for kids. Let’s get started!

Don’t give them an allowance, pay them to do chores

One of the best ways to teach young children about the act of making and saving money is to pay them for chores that they do around the home as opposed to simply giving them a flat allowance.

You could – if you wanted – develop an entire economy in your home where certain chores earn them certain amounts of money based on the length they take and the difficulty of the chore itself. From there, you kids will learn from a very early age that hard work pays off.

From there, they can either spend their money on little items for themselves or save up for something big in the future!

Get them a debit card for kids

In 2021, there is absolutely no doubt that most of our daily interactions are carried out with the swipe of a card.

Whether you use credit cards, or a debit card linked to your checking account to pay for daily expenses, there’s very little doubt that cash and checks are not a regular part of your life.

That is only going to become truer going forward, and one day soon it is likely quite possible that the most popular way to initiate a transaction is by your mobile phone.

For that reason, it is crucial that you introduce your children to the act of paying for things with plastic at an early age. Not to teach them how to do it (as that is rather easy), but instead to teach them that it is not magical and that the money on a card is not endless.

Cards for children allow them to learn how they work without you having to worry about them spending tons of money without you knowing.

It’s a win-win as they get to learn and you get valuable insight into their spending habits, which will only help you educate them further on personal finances.

Jeff Campbell

Jeff Campbell is a father, martial artist, budget-master, Disney-addict, musician, and recovering foodie having spent over 2 decades as a leader for Whole Foods Market. Click to learn more about me

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