Teach your middle schooler how to handle money responsibly PDF Print E-mail
Ask your preteen how much the latest video game costs and he'll rattle off the price. But ask him how much he thinks a dentist visit costs and he'll give you a blank stare.

It's never too early--or too late--to show your child how to handle money responsibly.

Start by teaching your child that money is earned by tying his allowance to chores. If the chores aren't done, the money stays in your pocket--not his.

Once your middle schooler has some money, encourage him to think first, spend later. He should ask himself three questions to prevent impulse purchases:

  1. Do I have the money for this?
  2. Do I really need this?
  3. Can I get it elsewhere for less?

These questions will build important decision-making skills that will help him for the rest of his life. They will also help teach your child the value of a dollar--and may encourage him to start a savings account instead of adding to his video game collection.

Reprinted with permission from the September 2009 issue of Parents Still make the difference!® (Middle School Edition) newsletter. Copyright © 2009 The Parent Institute®, a division of NIS, Inc. Source: Crystal Paine, "Raising Financially Responsible Teens," MomAdvice, www.momadvice.com/parenting/financially_responsible_teens.aspx.