Raising children to become great adults is an incredibly important job. In addition to instilling kindness and good manners, we also need to instruct them in basic economics and money management.
Instill Responsibility
Children who are given an allowance in exchange for doing chores, such as taking out the trash, or who have small jobs to earn spending money tend to grow into responsible adults. Simply handing over cash to them can create a sense of entitlement, while having them earn can instill a sense of pride and underscore how effort is rewarded. Open a savings account for them so they can watch over their money; a piggy bank accomplishes much the same effect for youngsters….