Start teaching this skill with a lesson in goal setting, because, as we know, few children are motivated to save for an abstract idea. However, helping them save for something they want makes sense to them and is a tangible goal. As hard as it may seem to watch your children make mistakes, let kids make their own decisions as they learn to manage their money. For example, if your son is responsible for providing some of their own school supplies, help him save his money - even if that means putting the money in an inconvenient place where it's difficult to access and spend. Otherwise, be available to offer advice or, if he spends all of his money, sympathy.
Work plays an important role in financially educating young people.
In fact, employers are impressed with young people who work to finance their education and personal needs. However, teens should limit their work hours to 10 or fewer a week. Studies show they get higher grades than do teens how worked 20 or more hours a week. If you want to help your children, consider contributing to a traditional or Roth IRA based on what they earn. For more information, contact your local Colorado State University Cooperative Extension office .