Children and money: 3 mistakes you should avoid: Vaz-Oxlade

Isn’t it funny how most people have no problem doling out money to their kids, but when it comes to what we should require of our children in exchange for all that dough, the debate rages. Some people like the idea of an allowance that has no strings attached. Others think any money a kid gets its grubby little hands on should be earned. We tie money to behaviour. We tie it to grades. We tie it to chores.From early on, children receive mixed messages about money. They watch us spend money in so many forms and for so many reasons they form their own twisted and delusional ideas about the purpose and use of money. And if mom and dad are fighting about money, well, that brings its own lessons. They’re eager to soak up any direction a parent will give in terms of the role money will play in their lives. And if you point them in the wrong direction, they won’t know. They’ll just follow your bad behaviour to their own money hell.Article Continued BelowMistake no.1: If you don’t smarten up, I’ll cut off your allowance!Money doesn’t work as a reward for good behaviour. Good behaviour is based on an understanding of right and wrong, thoughtfulness, caring and consideration — all of which have to be internalized. If you want a child who grows to be a confident and creative adult, compliance isn’t the lesson you want to teach at home. And money shouldn’t be your two-by-four.Mistake no.2: I’ll give you $20 for every A you get on your report card.