Checkup: teaching kids about money

Why is teaching children about managing money so important? There are all types of money messages we receive from society, “Money is the root of all evil”, “Money doesn’t grow on trees”, “That money is burning a hole in your pocket” etc. For me, teaching my child to be self-disciplined with money goes right in line with teaching him to be kind, polite, and aware of other’s needs. Below is a series of questions, a checkup, to see how you’re doing teaching your kids about managing money.
 
Teaching Children Money Habits Checkup.
Answer the following “Yes” or “No” questions. “Yes” answers indicate ways you are helping your child learn money management skills. “No” answers could mean you may need to help them more. 

1. Do each of my children have some money to manage without my interference?
2. Have I helped my children set up a spending and saving plan?
3. Do each of my children do some regular household chores, without pay?
4. Do I avoid using money as a reward or punishment?
5. Do I set a good example by being truthful about money matters?
6. Do I give my children more financial responsibilities as they get older and gain financial independence?
7. Am I a good money manager, giving my children a good example to follow?
8. Do I allow my children to make their own decisions about money, if given alternatives?
9. Do I praise my children if they have made wise decisions with their money?
10. Do I help my children finds ways to earn extra money and help them to understand the consequences?
11. Do I help my children find ways to earn extra money that is age appropriate and suits their abilities and skill?
12. Do I sometimes verbalize my own desire to acquire more goods and services than my income can handle, so that my children know that I say “no” to myself, too?

For more information on teaching kids about money download the full Teaching Children Money Management Publication by Melanie Jewkes, Extension Associate Professor with Utah State University and mother of four.