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How are you teaching your kids about money?

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Old 08-29-06, 09:03 PM
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Default How are you teaching your kids about money?

Connor thinks money grows on trees..... and I don't want him thinking that!

So when he wants something, I've started having him get money from his piggy bank-- and we give him $2 week for his 'chores'-- feeding the dog, getting the newspaper, clearing the dishes after dinner, putting clothes in the hamper, putting his laudry away!

It's kind of working
 
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Old 08-29-06, 09:08 PM
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I haven't really taught DD about it. She gets money for her bank but not in response to doing chores. I will eventually do this though
 
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Old 08-29-06, 09:58 PM
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This is a big concern for me with a baby on the way. It seems like kids now get everything they want and don't understand the concept of earning anything. I read a really good book called How Much is Enough, which talks about how important it is for kids to have chores and receive a regular allowance to teach them that they have responsibilities and that money needs to be saved to meet goals.

There's a lot to figure out.
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Old 08-30-06, 09:52 AM
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When Sarah gets to be another year or two older, we'll do Dave Ramsey's "Financial Peace Junior" plan with her. It works on a commission system--work=get paid, don't work=don't get paid. Since that's how it is the real world, his plan teaches kids that they have to earn what they earn, and they don't get paid just for breathing. They have to work above and beyond family repsonsibilities to earn money. So "chores" don't necessarily earn them "allowance."

He also helps out his children by having a 401(Dave) plan. In the 410(Dave) plan, he matches what his kids save after they give and spend. So at certain intervals, he checks their savings and matches how much they saved in that period of time. This way, they can understand how saving money in the appropriate places and actually "earn" more money! We really like this idea and plan to use it for the girls.
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Old 08-30-06, 12:03 PM
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Wow I like that idea about matching their money Deanna.

Right now Kayleigh gets all the change in the house.
 
She scoops it up from my DH's nightstand valet and puts it in her bank. One bank is totally full and the other is getting there and I told her we should put it in the real bank and make more money. So the other day we started to empty it and OMG she thought I was stealing her money.
 
We also put any money she gets from gifts (birthday, holidays) into her bank account. When she starts to get older and is more aware that she is getting money in the mail we'll make sure she saves some and she can spend some. I think when I was growing up I could use half and save half. A lot of times I would put the whole thing in the bank "for now".
 
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