With money in concrete terms (see Tip #1) and given some time to practice their budgeting skills (see Tip #2), it’s also important to follow this last tip when teaching your kids about money:

Tip #3 – Build in flexibility

I have learned that my daughters often “forget” their money when we are out shopping and need to “borrow” from me—money that never seems to get repaid. To cope with this, I have created “Good as Cash” certificates. Continue reading