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3 tips to help teach your children about the value of money | Ask the Expert

Gregg Murset is a financial consultant and CEO of Busykid. Here are some tips he has for parents.

PHOENIX — On this Money Saving Monday we're helping parents make sure their kids understand the value of money. With the cost of everything going up from groceries to gas, one thing hasn't changed...

Your kids asking for things - like toys, shoes and eating at their favorite restaurant. The list goes on and on.

So how do you make them realize, parents can't always afford to buy everything they want?

Gregg Murset is a financial consultant and CEO of Busykid. He is also a dad of six kids and now a grandfather of four grandkids. Here are some tips he has for parents:

1. Parents need to set an expectation.

Before they go to the store.

2. Parents need to be transparent. 

And you have some great examples of how to do this. Kids learn best with examples:

  • Learn at the gas station
  • Let them pay your bills
  • Make them pay for their own stuff
  • Share your successes/ failures

3. Parents should pay kids to do chores.

Paying your kids helps show them the value of money earned.

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