I'm curious....how are you teaching money management to your kids? Do you give them allowance and how much do you give them? Is it based on age or responsibilities? Do you pay them for odd jobs and chores?
This is an area that Rich and I do a terrible job at. We have tried over the years to come up with a plan but we haven't stuck to anything. We will forget to get cash from the bank, and then we just keep forgetting. We are even those parents that forget to be tooth fairies- no money is ever found under any pillows in our house!
I constantly feel bad about this because I know we are not doing a good job of teaching our children money management. I do feel like it is never too young to start, our children are 9, 8, 6, 6, and 4. I would really love to know what my blog readers are doing so Rich and I can hopefully come up with a plan by New Year's.
Yes....I've already started working on my New Year's Resolutions:)
4 comments:
We use Dave Ramsey's "Financial Peace Junior". The kids have 3 envelopes (Save, Spend, Give)and split their commission (allowance) among the three. It's taught Mom and Dad even more than the kids, no doubt about it!!!
Hey Lydia,
I'll have to say that i really appreciate the way my dad taught me to handle money ( my husband does too! ) . We were never given allowance, the only money we received outside of special occasions ( good report cards,birthdays,christmas,etc.) was earned by doing things that were out of the ordinary or beyond what we were regularly expected to do.From the time we were very little my parents would create opportunities for us to earn money such as mowing my gramma's lawn or cleaning out the houses my dad was building.I believe in raising kids with principles that will be applicable to their lives as future adults. Last time i checked i wasn't collecting a paycheck for washing dishes or doing laundry! These are things that are expected of me; they are simply part of my responsibilities as a housewife.My rewards are a clean house and a happy man ;) . Any time we received money, careful instruction always came along with it as well ; 10% off the top for tithe, a percentage in a savings account and the rest to spend wisely. Having been raised this way i learned to appreciate the value of a hard earned or gifted dollar, and in the end felt well prepared when i became an adult and suddenly had financial responsibilities.So, there's my two cents! - Georgia
Haha! I was just getting ready to say I agree with "anonymous", I do believe she's one of mine!
No allowance, ever. I had it growing up and I just learned to expect it for nothing, setting me up for abysmal financial failure. It took many years to get that out of my system. My husband, however, worked for his money from the time he was able, (tobacco fields) and used to buy his school clothes at the beginning of each school year with what he earned. His work ethic is amazing, his investments are smart, and his giving is constant. But you do have to have cash on hand, otherwise the motivation for work is not quite so forceful. I suggest you keep out cash for a full month of possible job payments, setting a maximum per child, by age. Say, 9 yr old works for 2 hours on a job that needs to be done, she gets $3. Or 6 yr old rakes the yard, $2, etc. So you can make a list of jobs each child can do per month, and decide on a pay scale, keep that amount out. Once they start earning, the work comes a lot easier, most of the time. All the kids have a work ethic like their dad, thank the Lord.
My kids do not get an "allowance". I believe cleaning their rooms, doing jobs around the house are just part of being part of the family. we all work together. I certainly don't get paid for laundry:). If they want to earn money, we find jobs that are above and beyond the normal.....like cleaning out the van, mowing the grass, helping grandparents etc. I would still like to do better about saving and spending. At least Jacob put his $40 into his bank account:)
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