There is no doubt that parenting is one of the toughest jobs you will ever have and the list of responsibilities that falls on a parent is never-ending. That being said, there is also no doubt that one of the most important responsibilities a parent has is to prepare their kids for adulthood. While schools may teach your kids a great deal, there are some lessons only a parent can teach and one of those is good fiscal responsibility. After all, their school can teach them how to do math or create a budget but they are never going to give them actual money to manage. Here are three tips to teaching your kids about money management.

  1. Make sure they earn money

When was the last time someone just walked up and just handed you money for no reason? Chances are good it’s either never happened or the last time it happened it was your parents doing the giving. One day, your child is going to have to pay their own bills out of money they earn. Since no one is going to just hand them money for no reason, you can start preparing them for this day by making sure they are actually earning money, rather than you just giving it to them.

  1. Make them buy things they want with money they earn

It is natural for parents to want to buy their children things, particularly things they can easily afford. The problem is that good money management skills don’t just happen, they have to be learned and you can’t learn what you aren’t taught. Rather than you buying your kids everything they want, let them earn money to buy what they want. Once again, you have to earn the money to buy what you want and one day, so will they. The best time to start preparing them for that is now.

  1. Teach them to make good value choices

Chances are good there is something you want that you can’t buy because you have to pay a mortgage, car payments, insurance, utilities and a host of other bills. The time will also come when they will have to choose between keeping a roof over their head or doing something fun. The only way to ensure they make a good choice when that day comes is to teach them to make good choices now.