Baby Corner

Baby, Trying to Conceive and Pregnancy Message Boards

Lost Your Password?

Baby Corner Message Board > Parent to Parent > Coupons, Savings & Money Matters How are you teaching your kids about money?

How are you teaching your kids about money?

Post Reply Post New Topic  

Thread Tools Display Modes

Old 08-29-06, 10:03 PM
~Kelli~'s Avatar
is relaxed and refreshed after vacation!
VIP Member
Join Date: Oct 2001
Location: PA
Posts: 17,836
Thanked 481 Times
Points: 1
Level: 1
Weekly Activity 2%
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
Reply With Quote
Old 08-29-06, 10:08 PM
Susan's Avatar
VIP Member
Join Date: Sep 2002
Location: New Jersey
Posts: 29,320
Thanked 170 Times
Points: 1
Level: 1
Weekly Activity 2%

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
Reply With Quote
Old 08-29-06, 10:58 PM
rudolphia's Avatar
is reading!
Rudi - VIP CL & mom of 2
Join Date: Mar 2005
Location: Chicago suburbs
Posts: 13,465
Thanked 681 Times
Points: 2
Level: 1
Weekly Activity 12%

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.
Reply With Quote
Old 08-30-06, 10:52 AM
Dopey406's Avatar
is loving her husband and children!
Join Date: Oct 2003
Location: Ohio
Posts: 24,935
Thanked 1,189 Times
Points: 882
Level: 10
Weekly Activity 8607%

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.
Reply With Quote
Old 08-30-06, 01:03 PM
Emery's Avatar
VIP Member
Join Date: Sep 2001
Location: East Coast, USA
Posts: 20,087
Thanked 152 Times
Points: 1
Level: 1
Weekly Activity 2%

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".
Reply With Quote

Latest Articles
Adventure Vacations with Your New Family Are Possible
If you spent time as a couple exploring vast areas of the world, that doesn't have to end just because you have a new baby. Here are 6 tips to make your vacations fun for the whole family. Plus, vacation ideas to help you get started.

The "Mozart" Effect: How Music Helps Your Baby's Development
Can your baby really be smarter if your listen to Mozart, or other classical music, during pregnancy?

What to Expect Postpartum: Your Period
The postpartum period brings many changes to a woman's body. Learn what to expect with your period including when it will return and warning signs to watch out for.

Baby Names for Spring Babies
If you are looking for a unique baby name for your Spring baby, look no further. Check out these names for your Spring baby boy or girl.

How to Calculate Your Baby's Conception Date
New guidelines for a more accurate estimation of conception date and due date have been introduced by the American College of Gynecologists and Obstetricians and the Society for Maternal-Fetal Medicine.

September 2015 Baby Photo Contest Winner

"Hi! I'm Aurora" Baby Photo Contest Winner
Congratulations auroraheaven1014!

Calculators & Tools

All times are GMT -4. The time now is 07:36 AM.

Pregnancy | Fertility | Baby | Toddler | Free Baby Stuff! | Community | Baby Names

About Baby Corner | Advertising | Editorial | Contact Baby Corner | Terms of Use | Privacy Notice

Powered by vBulletin® Copyright © 2015, vBulletin Solutions, Inc.
SEO by vBSEO ©2009, Crawlability, Inc.