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Children need to learn financial responsibility because we live in a money centered society. Without this skill your children will flounder. Financial irresponsibility affects most areas of our lives from marriage to buying a home. Here are some ideas to help you.

1. Set a good example. Children are very aware of what is going on around them and they will start questioning some of your actions. Take using a credit card for example. When I fill up sometimes my little children will ask me why I use a credit card if they are bad. I have to chuckle at how intuitive they are. But this gives me an opportunity to explain to them the proper use of a credit card.

2. Start while kids are young. We have a tendency to put things off with our children partly because we feel they are too young. With money, you can start teaching your children when they are between 3 and 4 years of age.

3. Use a budget. Every family needs a budget that is reasonable and that they can stick to. A budget can also be used to teach children financial responsibility because you can explain to them that you only have so much money to spend on certain things. This will help you when you are at the store and your child is asking for everything they see.

4. Immediate gratification? The next time your child asks for something they want talk to them about earning the money. If it is really big like a bicycle you can tell them that you will match the money they earn. Help them by finding jobs around the house and yard but do not make it too easy for them.

5. Take your kids shopping. You are probably already doing this so give them something to do. Show them your shopping list and as you go down the isles have them help you find the best price on certain items. You will be amazed at how good they can be at this and your children and you will find more joy in shopping.

6. World markets. Financial markets are a part of our lives so you need to educate your children about them. This will go a long ways in teaching them about money because they will make better buying decisions. What is a “blue chip?” Why can the market go down in a bull market when unemployment goes down? Your children need to know.

Children can learn to be financially responsible when you as a parent start early and teach them by example. Let them be part of the solution when you are shopping and trying to make good decisions. When they want something show them how they can earn the money with your help. Do not forget the world markets as a tool for teaching your children. Discuss financial concepts. Like me you can learn a lot as well.