Is it okay to share the household bills with your children?
My parents started to show the household bills to me at 10 years old. It all started because I couldn’t understand why my friend had more shoes and clothes than I did. Because my parents sat me down showed me their income and what money was paid out each month I sure did have an awakening! I understood how much the electric bill was And consequently I started to shut off the lights every time I left my bedroom, I became cognizant of how much water I was using, I understood that my parents didn’t have credit card debt and that my friends parents could have with the amount of shoes and clothes my friend had!
When your child receives money for the holidays and their birthdays, is it okay to save the money in the children’s college fund instead of letting them spend it on frivolous items?
Yes your children will appreciate that you saved their money for them once college time comes around! They will be grateful that you cared enough to be strict with them and actually saved the money. I remember my friend in college had $15,000 because her parents took all of her money and put it in her savings a account and I felt so envious, she actually bought a used car with it!
Should I give my child an allowance?
Yes if they earn it by cleaning up after dinner, doing dishes, cleaning their rooms. Only give them money if they earned it and give them less money if they didn’t do their assigned chore well.
Teach your children the value of money so they don’t have a sense of entitlement.