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m at t e r s it?s way too often that we see kids who believe that
money
grows on trees and that it?s not necessary to work for it?that
money
should just be given to them. raising
child
ren without a sense of entitlement may seem challenging, but it can be done?even through something as simple as giving them household chores. household chores can be used to teach your
child
the value of a dollar and reinforce the benefits of hard work, but most importantly, teaching them how
money
works is crucial. although most parents may use a credit card more than cash to purchase something, and our world is moving to a more electronic-friendly banking system, that doesn?t mean
child
ren shouldn?t be learning how to identify coins and how to use them. ?as soon as
child
ren can count, they need to learn about
money
,? says phyllis phillips, executive director of the louisiana association for personal financial achievement in baton rouge. even adults can stand to learn a bit more about this basic necessity. by jamie lober av o i d i n g e n t i t l e m e n t & e n c o u r ag i n g r e s p o n s i b i l i t y s ta r t w i t h t h e b a s i c s opening up a bank account for your
child
can be a great way to begin. ?a six- year-old may think that he can take $500 and buy a dinosaur because he doesn?t understand the value of
money
,? says phillips. even though you will continue to take care of your
child
, 18 years old is too late to begin teaching financial literacy. ?teaching the difference between wants, needs, and wishes when it comes to
money
will
make
a difference in their adult lives. ?ey may need to buy a kia but want a bmw, and they have to be able to
make
the distinction,? says phillips. it can be nice to set goals because it will add meaning to the principles of saving when your
child
sees the purpose. ?your
child
may have had no problem ordering a happy meal or two when you were paying for it, but if he has to pay for it, he may look at the dollar menu,? says phillips. g i v e a n a l lowa n c e an allowance is another useful way to learn about the responsibility of handling
money
, regardless of how small the amount. it doesn?t matter if you give your
child
$5 or just one dollar a week, as long as it is consistent and he has earned it. taking out the trash and keeping a clean room are two common tasks that you may assign. whatever the chore,
make
it doable for the
child
. ?
make
it something relatively simple. don?t associate the allowance with academic status because
child
ren are supposed to do well in school and shouldn?t be paid to do that,? says phillips. teaching the difference between wants, needs, and wishes when it comes to
money
will
make
a difference in their adult lives.? 56 brparents.com | january 2017
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