You can help her build this skill by teaching her about money management.
Here are some tips:
- Provide your child with an allowance. It should be enough to cover some of her regular expenses, such as entertainment and school snacks. A weekly allowance is a good way to start. As your child becomes more responsible, you can switch to monthly payments.
- Put your child in charge. Once you’ve discussed what the allowance should pay for, let your child decide what to buy. She’ll learn from her mistakes, such as spending everything at once. Be sure not to bail her out by giving her extra money or an early allowance.
- Encourage your child to save. Help her open a bank account and deposit money for short- and long-term goals. For example, she might save for new ice skates and college tuition.
- Discuss the concept of earning money. Talk with your child about the different ways to make money, for example, through a job, the stock market or bank interest. You can also talk about the tax responsibilities that go with earning money.
- Talk with your child about sharing. He can donate money to a cause that is important to your family.
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