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Tips to Stop your Children Spending all of Your Money

Image courtesy of www.SeniorLiving.Org
Image courtesy of www.SeniorLiving.Org

If you have children you will be familiar with the fact that they seem to really enjoy spending your money. They want money for going out, buying clothes, things for school, pocket money and that is all on top of the food you buy for them. It can really add up so it is worth considering at least one of the tips below to help.

Make them earn their pocket money

If you give your children pocket money, then make them earn it. This may reduce the amount that you have to pay them, if they decide they do not want to earn it. If they do still get it all, they will begin to understand that you have to work for money and it does not just appear.

Make them get a job

If they are old enough then you could encourage them to get a job in order to earn their own money. This could just be a Saturday job, if they are at school or college. This will help them to understand how hard you have to work to get just a small amount of money and give them some money of their own so that they do not have to rely on you so much.

Give them a budget

It can be wise to set a budget for your children. Explain to them that you will only give them a certain amount of money per week or month and it is up to them to use it wisely. Explain to them what the money has to cover, perhaps clothing, toiletries, bus fares, snack foods or whatever. Then they will start to learn how to be careful with their money and make sure that they make it last.

Show them how much things cost

It is important to make sure that children know how expensive some things can be. Show them how much you get coming in and how much the bills cost. Make them look at prices in shops and supermarkets so that they understand more about the cost of running a household. This may make them less inclined to ask you for so much money.

Be firm

It is really important to stand firm. If you limit the children to a budget or other rules, then you need to make sure that you stick to it. If they know that you will change their mind if they push you hard enough then you may as well not start. You need to make sure that you remember why it is important for them to learn to be careful with money and use that as a way of motivating yourself to be strong.



Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process and sells her books through

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