Money management skill is one thing that everybody in the family needs to learn. This is because each member of the family is put into consideration when the family budget is made. The teens just like every other member of the family need money management skills because they eat food, wear clothes and get answers to other financial demands from the family income.

Every family either earns money or spends money on daily basis. But the problem is that some parents do not appreciate the fact that their kids need to know how much money that comes into the family, how much money is saved and how much money is spent on various needs of the family.

As a matter of fact, you do do not need to bother your kids about the needs of the family but they have to know that money is not easy to come by. If you tell your children how much that comes into the family, how much is saved and how much is spent they will know the value of money and be good money managers.

As early as the age of 5, your kids should start appreciating the value of money. You should start to inform them about the family budget and how much of the family income is saved or mapped out for spending.

If the teens in your family have become income earners, you should teach them how to save some percentage of their income. Teach them how to make a business plan and follow it. Teach them how to buy their own clothes and other big things such as TV.

If you do not teach your kids someone else will teach them. The person may teach them how to spend the money on drugs, alcohol, gambling and other vices.

Your kids need money management skills as much as you do. Teach them today so that they can start managing money well from childhood thus having a good financial future.