Teaching Your Kids How To Manage Money

My son just got a loan and bought himself a new toy, a snowmobile and winter is over! I worry that I might not have done a good enough job of teaching my kids how to manage their money. Like many couples my husband and I are complete opposites as to how we manage money. I'm cautious and frugal while hubby acts like we have a money tree growing in the back yard! Fortunately, I manage all of our day to day finances.

I must admit as the kids were growing up we weren't always consistent, sometimes we gave them a weekly allowance and other times we didn't. When they did receive an allowance we didn't expect them to save any of it, it was a personal choice if they wanted to save it for a bigger purchase. We took care of all the things they needed so any money they received from gifts, allowance etc. went towards things they wanted. My kids always had chores around the house and yard whether they got an allowance or not.

It wasn't until they officially joined the work force and starting getting part time or full time jobs that we focused on saving. We have talked about money management, having a good credit rating, and saving money a length. I've helped them each set up a savings account and an automatic saving system but it's up to them to use it! My son's loan will help him build a credit rating and he was wise enough to set up automatic payments.

Does a Mom ever stop worrying about her kids? Never! I'm hoping that the money management I've modeled (not hubby) over the years has rubbed off on all my children and that they'll learn some tricks of their own.