By Dr. Judy Bin-Nun Ph.D., LMFT
“Mommy (Spoken beseechingly), buy this toy or food for me! I need it now! (Spoken stridently) My friends have this toy and I want one too” (Spoken demandingly). I know you have heard these requests, demands and sound bites; what do you do to teach your children about money and how to develop appropriate money habits early in their lives?
Now that it’s a New Year, you and your spouse can begin to plan sound money habits and it is never too early in your child’s life to start teaching your children. You can start the concept of giving allowance so that children learn natural consequences of using money. Allowance affords a hands-on, direct approach to the use of money that your words can’t teach; money requires teaching by show and tell.