The recession has been a huge part of the state of the economy for nearly two years now (according to when it officially began in December 2007). It has affected everyone in one way or another during that time. So, why not take something that was and continues to be awful and use it as a tool to teach your children about financial responsibility?

There are plenty of children that grow up with only a small idea of what the value of a dollar is. In the years leading up to the recession, many parents would indulge their children and even spoil them with some of the things they wanted without having to work to earn them.

When starting at an early age, children can be taught that when they do something good, they can earn things that they want; but how young should a parent start offering a child allowance? My sister and I did not start getting an allowance until we were 7 or 8. However, I believe that children can likely benefit from the system at a younger age.

Getting back to the issue of the “value of a dollar,” children need things such as clothes, school supplies, etc., but while those things are considered necessary, things such as expensive shoes and designer backpacks aren’t. As children get older, they can learn this lesson and, in some situations, may be able to earn the expensive shoes and backpacks by working for them.

Overindulging a child makes them a maladjusted adult in a lot of situations. A child that gets everything that he or she wants doesn’t help them as they get older. So, perhaps if a parent is a pushover now, the recession is helping him or her say no to their child as far as indulgences go. When one or both parents are out of work, things such as little trinkets which seemed harmless to get for the children before are now simply unaffordable.

Teaching kids about money when they’re young will definitely help them make better financial decisions as they get older.