How should parents teach the value of money to children, like, they shouldn’t be so spendthrift?
I have two sisters who are teens, well, one is 17 yrs, and the other is 18 yrs.When we go out, they have a habit of buying anything & everything they like, may it be of any use or not, and no matter what is its cost, and without bothering much to think if we have enough money to pay for those things.If anything is said, they have a habit of arguing and all.
So, I want to know, how can a sense of value of money be brought into them, so as not to waste money on unwanted things?
Re: How should parents teach the value of money to children?
Whose money is it? Do they work? If it's not their own money don't let them buy it :/ don't give them money to spend. If they need something, they'll have to specifically ask for money each time they wish to purchase something. Tell them to work part-time and spend their own money if they're so intent on lavish purchases.
Re: How should parents teach the value of money to children?
**by showing them yourself as an example. kids learn best from parents what they see and experience since their childhood.
they have to tell them the importance of money but also tell them that extravagance and or misery is NOT good...Allah doesn't approve of that...trotting median economic path is the best path to take.
open an account in their names and encourage them to save some of their stipend and then deposit it in their accounts and watch it grow...it'll give them 'joy of saving!" :)**
Re: How should parents teach the value of money to children?
I've started teaching my daughter to save whatever money she gets on eid, birthdays, and also ay her for chores around the house...especially when she has goals...for example, she wanted to buy a special something that cost $30, so we decided to teach her how to work for that money to collect it and spend it.Also, she sees how her parents don't buy everything and anything whenever they want to, so she's been asking about budgeting etc.