Every child will make mistakes, but parents must let those
mistakes teach children the lessons they need to know, Rhodes
says. "If, for example, your child was saving for a big purchase
but does not have all the money, don't give in and give it to
him or her. Instead, make sure they work for it or, dare I say
it, make them wait," he says. If you want to help them, rather
than simply giving them a handout, take the chance to teach them
about borrowing and lending. "Lend them the money and then
explain that when it is paid back, they will have to pay you
more," Rhodes says. "Helping them to learn the discipline of
money management while they are children making only $6 is far
better than them learning as an adult when they are making
$60,000." If your kids have spent money unwisely and beg for
your assistance to refill the coffers, "parents must not feel
sorry for the children and bail them out of a penniless state,"
Tordella says. Instead, use the opportunity for a teaching
moment: "Encourage them and ask, 'wh