Teaching Kids How to Manage a Paycheck

One of the best lessons you can teach your kids is how to manage a paycheck so it lasts longer. Setting up their allowance for regular intervals and making them budget their money is a great start.

Use a regular allowance to help teach your kids the value of a paycheck and how to handle their money.

Learning How to Manage a Paycheck

My father is in business so it came naturally for him to teach me those kinds of things. Once I could start understanding money, how to spend it and save it, he gave me a biweekly allowance.

 I would have to manage my money so I would have enough to last me the two weeks, if I spent that money fast there was no way I could get more and I would have to wait until the next “paycheck.”

Learning the Set-it-and-Forget-it Method of Investing

My father was always there to help me and answer my questions, but I think the way he set up my allowance and let me make my own choices helped so much.

Now, years later and on my own in college paying for my tuition myself and working hard to not have any student loans, I use these lessons every day. I’ve learned how to live without what I wanted in order to get something I need. 

Also that money does not grow on trees, I have to earn it and be responsible with it. There will never be money just there and given to you if you do not earn it. 

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