Suze Orman may be the money guru of today, but sometimes I think she took a page from my parents' handbook on raising financially responsible children. Growing up, my folks paid us for hard work done around the house and allowed us to spend it how we wanted. My chores included cleaning my room, making my bed, helping with dinner, doing dishes, and other things that eased the burden on my mom and step-dad. As we grew older, my sister and I had to set up a budget for our monthly expenditures. Based on our needs and wants, our parents devised a monthly allowance for us. It taught us both that perhaps a Polo shirt wasn't as necessary as the cheaper version available at Target.
Tell mommy, do your kids have a budget?
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I give my 10 year old an allowance but haven't had to time to sit down with him and give him an acutal lesson on budgeting. I do tell him though that if whatever he wants to buy is worth the money or he should wait to get it another time, perhaps on a clearance sale. Most of the time he doesn't buy it and puts his money away.
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