1. He needs to learn to budget
Angelique says she used a notebook to budget as child, but she'd like to teach him to use an app. From his income he must calculate his monthly expenses, divided into "needs" and "wants". She adds that she's a bookkeeper!
2. He doesn't get paid for chores
Julie says that once she explained to her 6-year-old son that he'd have to use his money to choose between Lego and another toy he wanted on a whim, he didn't want that toy any longer. She adds that he has to do certain chores around the house, but that he does not get paid for these as they're just part of his responsibilities.
3. No to pocket money, yes to financial lessons
Lee Lynn says she makes them understand that money is hard to earn but that it's the only way to get it. She teaches them the importance of returning borrowed things, so that they understand the concept of returning borrowed money too. "I make them understand that once you spend money on something, you give up the opportunity to buy something else or save," she adds.
4. Pocket money is for luxuries
5. Thinking ahead
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