Do you teach your kids how to budget?

As a mother of 5, being conscientious about spending is a MUST! It's not easy to provide for once child, let alone 5, so I have become quite the frugal shopper. It's become a large part of my lifestyle and so I started teaching my children VERY early on, about the value of a dollar.

My children earn an allowance but there's more to it then a quick buck. I have explained to them that their chores are like having a job. You cannot expect to be paid for a job that you did not do, or did not complete. They are expected to earn their money, which is turn makes them value it much more then if I had just handed it to them.

On of my favorite moments was when my daughter asked if I could take her shopping (with the money she had earned and been saving). We went to walmart and browsed through the isles. There were several items she was interested in, but decided against them as they were over priced. Her words were "that's to much money".

We eventually made out way down the clearance isles and she found several items that peaked her interest. She had been asking to redo her bedroom and this helped. For $40, she was able to get a rug, a lamp, 2 throw pillows, a comforter and a picture frame. She even left the store with plenty of money in her wallet.

I was very proud to see that she not only enjoys saving her hard earned money, but that she's a smart shopper. Teaching children about frugal shopping is a must these days.

Have you had "the talk" with your kids? Have you explain how important it is to budget?

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