So my oldest is getting to the age that I want to start teaching him financial responsibility. I want to give him the opportunity to learn to save, spend, pay tithing, etc, BUT I am a little lost on what is appropriate. My biggest issue is that I do NOT think a kid should be paid for helping around the house (normal day to day chores). I am not going to pay my kid to make their bed, unless someone starts paying me as well. I want them to understand that THOSE things are part of being a member of this family. So I want his allowance to be seperate and not attached to doing chores. He could NOT receive his allowance for NOT doing his share however. Of course, extra jobs around the house to make money would be great.So my question for ya'll is HOW MUCH DO YOU GIVE YOUR KID PER WEEK? And what other rules and guidelines do you use to help them learn how to manage their money? Do you have them put a portion of money away for college, etc? We already do that in another place, but should he be contributing at 7 years old too???
I would love every one's thoughts on this. Thanks to my parents, I grew up learning to manage my own money and supported myself for the most part. I want my kids to have the same experience.
2 comments:
heck...I have NO clue what allowance's are going for these days! :-) I am interested to see what others say though.
sorry I am NO help! we just give out suckers at our house! :-)
I read a really great article and I will share what they suggested. Give your child enough money that can teach him what the worth of a dollar is. They suggested 5-10 dollars a month. Then make 3 jars. One to save, one to spend, and one to donate. This teaches them the values of money and how their choices affect them as well as others. Hope this helps!! :)
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