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7 Mistakes To Avoid When Teaching Kids About Money

Want to help your child become a real money whiz? Just sidestep these common pitfalls, from ThreeJars founder Anton Simunovic.
savings Telling Little Whites Lies When Your Child Asks for Money

I've read somewhere that the average child makes more than 100 requests of a parent a day! We parents want that whining to stop, so we'll often deflect yet another purchase request by saying, "I don't have enough money on me" or "We can't afford that." If you're lucky, you may get some temporary relief. But these little white lies don't help in the long run. Direct, honest dialogue will get you better results. Try "I can afford that, but we're not going to buy it. It's not a good value at that price." Explaining why you're not making the purchase gets kids thinking about prioritizing their wants, and teaches them to be more aware shoppers in general.