In order to truly learn about financial responsibility, kids need to have some measure of independence over their savings. This means that you’ll have to allow him to make a mistake or two in order to learn from them. Don’t berate him for mistakes or jump to bail him out of the mess. Instead, take the time to talk about what went wrong and how to fix the situation responsibly. Remember that every mistake is a learning experience for your child, especially when it comes to money management.
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