Money Management

Teach your children about money management

1. Teach your children the principles of healthy money management in daily life.
   • Avoid overspending

   • Be self-sufficient

   • Share with others

2. Enhance mutual communication
   

   Know your children’s daily activities, their values and their view on money use. Share your own principles in using money and spending.

3. Give reinforcement and correct inappropriate behaviors early
   

   Pay attention to the ways your children use money. Give reinforcement if they use money wisely. Otherwise, point out the problems clearly and correct inappropriate behaviors early.

4. Be good models
   

   Model good behavior on money management, be consistent and carry out the agreement between you and your children accordingly. Follow up and adjust whenever appropriate.

5. Let your children bear the responsibilities and consequences
   

   When your children come across with financial difficulties, discuss the solution with them patiently. Avoid solving the problem for them immediately. Let them learn from experience in healthy money management.

6. Reminders on giving children pocket money
   • Think of your budgets. Do not compare with others

   • Decide the right amount according to your children’s “basic spending needs”. Give an adequate amount without giving too much.

   • Develop effective ways of supervision.

   Student Health Service, Department of Health
   https://www.studenthealth.gov.hk/english/images/hps/parents/hps_money_management.jpg