Teach your kids how to handle money responsibly as soon as you start giving them an allowance. They will grow up knowing the value of money and be smart spenders. Here are 6 things you should quit buying your kids when they have their own money.
Healthy snacks and food are covered by you any day however, when it comes to concession stands, candy bars, or carnival food, let your kids be on their own. Teach them that unhealthy food comes at a price and if they want it they will need to budget it.
You are at the store and your kids are begging for the newest barbie on display. You can finally be a Yes-mom and respond with; as long as you have your own money with you. You won’t have to worry about temper tantrums because they can buy it if they save.
Buying clothes and shoes is still under mom and dad responsibility but getting new jewelry or hats should be taken on by your kids. If it is not a mandatory outfit requirement, let them buy it with their own money.
Your kids are not using data to keep in contact with you and it is not a necessary addition to having a phone plan. If they want to use data then make them be responsible for paying for it. Along the same lines, if they go over their data usage make sure they are the ones footing the bill.
Buying candy bars and books from the school fundraisers gets old. If you want to contribute then make your contribution but if they want the products that they are selling, make them have saved for it or skip purchasing it all together.
Anything related to school such as educational field trips etc should be paid for by you. School events like carnivals, movies, and dances are allocated to allowance money.
Anything your kid wants should be taken on by them to make sure they have the money to pay for. You are still giving them that money (in the form of allowance), but you are teaching them to be smart about money, budget, and work for what they want. Try paying their allowance in discounted gift cards to the stores your kids love: Toys R Us, Justice, Cold Stone, and many more are available at giftcardrescue.com.