1. Do not spoil them with whatever stuff they want to. Even if they cry, let them, till they stop.
2. Teach them how to clean their own bed and dish. If they refuse it, tell them if next time they want to eat again, there will no plate.
3. Sometime, giving affectionate, it will work well
4. Always give them complement if they do the right thing.

Kids, they do not really understand about money. They know well how to play video games. It is hard to make them understand how hard to make money. You have to teach them how to appreciate it the food your kids eaten. Tell them that you can eat because of working. And show them; saving money is very important for their future. You can start with buying them piggy bank. A little by little, ask your kids to put money in it. Where the money from? You. Whatever money you give for your kids, always tell them to save it half of it. Kids financial education is the foundation to be independent.

The solution is obvious: give kids a thorough financial education, starting as early as possible and continuing until they are out on their own. Parents cannot rely upon schools to give their kids financial education, as most young people never learn about economics or finance until they are in college, if at all. Schools are not getting the job done, so it is up to parents to pick up the slack.

Early stages of financial education

Many parents’ instinct is to shield their children from financial matters. After all, childhood is the only time in life when people do not have to worry about money, and we may feel that not talking to our kids about money is a way to preserve their innocence a little longer. While this may be true, we can still give kids a sound financial education without exposing them to the stress and pressures that adults associate with money.

The earliest step is to begin teaching kids how to count money. In the U.S., this means familiarizing them with the value of pennies, nickels, dimes, quarters, and dollars, and giving them plenty of opportunities to make conversions between different denominations. Most of this involves simple math, so the instruction can begin as soon as children begin learning their basic arithmetic.

Allowance

Meanwhile, giving kids allowance is a great way to start them off on money management. However, rather than letting kids figure these things out for themselves, it is important for parents to ask questions about how kids spend their money. We do not want to have too heavy a hand when it comes to our kids’ purchases, but we are the parents after all, so we do have the power to tell our children when a certain purchase is not a good idea.

Allowance also gives parents the opportunity to teach kids about longer-term financial management. For example, when a child wants a new bicycle, it may be tempting to go out and buy it for her, but we can actually do the child a much bigger favor by providing her with allowance and encouraging her to save up to buy the bicycle herself. Smart financial practices involve emphasizing the long-term, often at the expense of short-term gain, and the earlier kids gain this perspective the better.

Many parents choose to give allowance with no strings attached, and of course that is their choice, but there is a danger in doing this. Free allowance may send the message that kids are entitled to money for nothing and that parents have an endless supply to give. Although we want our children to be provided for, it may be more helpful in the long term to show them that money is not free. Consider asking your children to perform a manageable list of chores on a weekly basis in exchange for allowance, and do not forget to emphasize that the work must be done well.

Advanced money lessons

Later on, it becomes time for kids to start learning about things like investment and loans. At around the time when the child is old enough to get a part-time summer job (i.e., around age 16), it is time to begin introducing these concepts. Kids need to know that there are more things they can do with their paychecks than just spending the money right away.

Plus, for many older teens higher education may be on the horizon, and you might want to involve them in the financial planning for college. Given the epidemic of student loan debt now plaguing young people in the U.S., it is a good idea to make sure your teenager knows the serious ramifications of taking out loans. Debt is a serious matter, and young people should go through whatever lengths necessary to ensure that they do not begin their post-college life in a deep financial hole.

Due to the ease of obtaining credit cards these days, there are now more reports of youths in their twenties and early thirties in position of debts than ever before. It is due to such a scenario that it is imperative that children of today are taught to be financially literate with the right money management skills.

The following steps could be taken to educate your children on basic money management:-

1. Start off by setting up a savings account for them. Give them an allowance, an amount slightly more than their daily estimated expenditure so that they put into their piggy bank that little extra daily. Explain to them that they should put aside say perhaps 10 to 20% of the allowance given. Set them a target to open an account in the nearby bank and later a target monthly savings. Even if that little amount is just ten cent per day, you will be surprise how quickly their savings will grow. The children themselves will be pleasantly surprised. Reward them if they meet their monthly target. This way, good saving habits can be inculcated into them early in life.
2. Introduce them to the Monopoly and other cash flow games that are available in the market. These games are a good way to educate them on the basic principles of budgeting and the understanding of incomes and expenditures for purchases.
3. Encourage them to take up part time jobs during their school break to earn some income and extra pocket money.

There are many books written to guide and assist you on a financial education for your children but since this subject is not a syllabus in the most school curriculum, it will be up to you to take the necessary initiatives in teaching the necessary money management skills to them to pave the way for them to gain financial independence early in life.