Should parents spend on non-essentials when kids have their own money?

Watch Video: Should parents spend on non-essentials when kids have their own money? by Gregg Murset, CFP, ...
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Should parents spend on non-essentials when kids have their own money?

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If your child wants to go to the movies and they have seven dollars and fifty cents to go to the movies, why should you as the parent be paying for them to go to the movies? They've earned it, and they should pay for it. So as early as you possibly can, start having them contribute towards things that they want or things that they wanna go do. That teaches them personal responsibility and accountability at an early age. So just as early as you can, start them paying for their own way in all those non-essential things. All of the essential things, you as a parent can continue to pay and when it comes to a birthday or a holiday, go ahead and spoil them a little bit. But when it comes to those things that they want to do but they don't necessarily need to be doing those things, let them pay for it on their own.

Watch Video: Should parents spend on non-essentials when kids have their own money? by Gregg Murset, CFP, ...

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Gregg Murset, CFP

Founder & CEO, MyJobChart.com

Gregg Murset, CFP, is the father of six children, a Certified Financial Planner and the Founder and CEO of the fastest growing website, MyJobChart.com, which teaches kids about work and money.

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