Children are always enthusiastic to buy clothes, latest electronic gadgets, and keeps on demanding additional funds from their parents, as they don't want to work to earn those funds.
You should make your children responsible and get them out to make their own funds. Handling money is a skill that every child has to learn to spend their life happily. It's never early to teach your children the skill of spending money wisely. The earlier you start, the more beneficial it will be.
Here are some tips to teach your children the skills of spending money wisely:
Discuss about money with your children: Money should not be a forbidden topic in your house. Let children know about how being a woman, you work hard to earn money and fulfil their needs. Show them the electricity and telephone bills and how you pay it. You don't have to show your children how much you earn, but just show them how hard you work to bring it home.
Give them allowance: Start giving your child an allowance as it is one of the best ways to teach them about money. If he/she wants to buy a toy, tell him/her to save money for it. If they blow all their money on other items such as candies, they don’t have sufficient funds to buy what they actually like. It will help them to learn to think what they need and how money should be spent.
Cultivate the capability of living: The parents think that their children spend too much money on snacks which are harmful for their body. Behind, there are many knowledge, price, quality, moderate expense, purchasing way etc., that should be tought to your child. Actually, the process of buying snacks is an important social practise and an important step toward their life. Let them know how to spend money as it helps to cultivate their capability of living such as learning social knowledge, strengthen their will, and establish correct values.
Teach your child to see the value of their desired item and comparison shop: You should teach your child to get cheap things they want to buy and make them learn to shop for value. It's not necessary that the cheap items are worse. Help your children to figure out such item in the shop.