Financial responsibility is a virtue you should develop in your kids. Here's how to:

1. Don’t hide the truth. Just like it’s important to be upfront with them when the family is having financial difficulties, it’s important to answer their questions about money honestly.

2. Teach them that money is finite: The concept is; ”If you don’t have the money, you can’t spend it”. Remember to reflect this attitude through your spending habits, as well, by not saying things like “It’s too expensive … but I just have to buy it!” Explain what a budget is and keep up a dialogue about how much money is available to spend when shopping together.

3. Differentiate between want and need: It’s easy for these concepts to blur for kids. Explain to younger children that you will provide their “needs”; however, older children will have to earn the money toward their “wants.” That’s especially true when you’re raising kids in a high-pressure consumer culture—one that encourages many to feel deprived if they don’t have the latest bicycle, smartest phone, the hottest 3D video game console or the most expensive pair of sunglasses.

4. Make them work. Today, many young people don’t think about any kind of work until they graduate from university, which is too late. Allow your children to have that same privilege. Nothing teaches you about how time relates to money like holding a job.

5. Give them your time. If you give your kids things because you feel guilty that you’re not spending enough time with them, you’re sending a message that things can replace love, which will steer them towards “things” for comfort. No matter how busy you find yourself, make sure you set aside a specific, regular time for you and your child. Put this on the calendar as you would any other appointment. Also, be transparent and explain why you spend time away—and that you cherish the time you have together.

With these tips, you will definitely raise financially responsible kids in the future.


http://www.tutubranch.com/2013/07/5-steps-to-making-your-kids-financially.html

Wow! Nice!
Do u mind if I post this on parenting blog?
Link blow in my signature.

Nice thread, @OP.

I especially like the fourth point though. Care to expand more on that one pls?