How to teach your kids financial responsibility

Teaching kids financial responsibility is important, but there isn't just one way to do it / Jennifer Munoz (WGXA)

MACON, Ga. -- Teaching children financial responsibility can help them as they get their first jobs or head to college, but one expert said there is no "one size fits all" way to do it.

Emily Jameson has a seven-year-old daughter and she has already started teaching her how to handle money.

"To have to physically be the one who takes it out of her wallet and hands it to the person in the cash register or at the counter or what ever so she can see understand the money is actually going away," Jameson said.

Jameson opted to not give an allowance for now and instead teach her to earn it through chores.

"It does make it more real that you have to give up something, either your time or your energy or your goods, to bring in the money, and I do hope that is helpful," Jameson said.

Licensed psychologist Mary Catherine Riner said there is not one perfect way to teach your kids about money because every family is different, but it all starts with parents setting a good example.

"If parents just give money left and right they aren't going to earn or understand that kind of sense of responsibility," Riner said.

A good habit is to walk your kids through paying bills and writing a check.

For parents who do opt to give an allowance a popular method is to divide where the money goes, whether it's for spending or for saving.

"It's a way for children to understand that money isn't always about them and kind of possession or material things but also a way to kind of support either other projects or kind of community," Riner said.

Lastly, it's important to teach your kids money does not buy happiness.

"Financial is part of the picture but its not your whole life," Riner said. "It doesn't determine your worth or your value."

Riner suggests stating an allowance when a child is six or seven.

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