by Missy Dickerson

Created on: June 26, 2009

Parents want the best for their children. Parents want their children to be happy, healthy and independent. As parents there are so many lessons that we need to teach our children from tying their shoes to making smart decisions when they drive. No matter what lessons we teach our kids, our main goal is to get them to a place where they can take care of themselves and live on their own successfully. The crucial step in maintaining independence is to learn how to handle financial issues. Good financial habits are taught at an early age. The earlier they start a savings account, the more they become conscience of their money. The problem is how does a child obtain money? They can get money by either having it given to them or earn it themselves. As a parent, I choose the latter.

A child's independence can't be achieved, if parents don't teach their children the value of hard work and the joys of receiving a reward for a job well done. Learning starts at home. Demonstrating to your child the meaning and consequence of hard work is an essential lesson the child must learn in order for the child to be independent, a productive member of the workforce and have financial stability. Overall, what's wrong with children feeling good about themselves for achieving goals and being rewarded for them? Don't we want our children tasting the sweet nectar of success and being financially stable?

The child must learn at an early age there are some chores that are done because they must get done out of personal responsibility; for example, keeping their room clean and picking up after themselves. However, the child must also learn there are chores that go above and beyond their personal responsibility and should be rewarded by their parents with either a monetary or material reward; for example, mowing the grass or taking out the garbage. If a child is expected to do these types of chores daily, than the value of those chores should be decided by the parents and dispensed by having a reward system. The reward should take place weekly so the child knows that his or her hard work was appreciated. Don't we all need validation sometimes?

Allowing your child to experience earning a paycheck (allowance) is a great opportunity for parents to teach their child realistic societal financial responsibilities; like, having a bank account or paying taxes. I know what you're thinking; taxes? Why not taxes? Try to imagine your family as a working and functioning

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