I grew up in a busy household, Dad was gone all day at work. Mom was involved in so many things, she was more a taxi than a Mom, at times. No complaints, but neither of my parents taught us money management. It haunted me for years.
Now that I have my own children, I'm developing a program for them. I would appreciate any suggestions that would be creative ways to educate. Or, tell me what you're planning.
My daughter collects change in her penny bank, she has her own change to give in offering at church and I let her pay for things when we go to the store. That's as far as I've gotten! She's only 4!
For a 4-year-old, I think a piggy (penny) bank is appropriate, and teaching her giving is great. I think I'd like to hear what parents are doing at ages:
As pre-teens our children where taught to 1st tyth 10%, 2nd save 10% that theem was all we taught untill 15 years old they where taken through the Dave Ramsey series.
As of now, my kids have chores they have to do and if they want something they have to save for it.
For the last 3 years I was a full time student & only worked part time (when I worked at all) so there really wasn't anything extra to give them. They still had to do their chores though...'cause with living comes messes and we're all responsible for cleaning up messes.
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Missy Chrissy: Mommy to Bobbie-16, Jessica-14, Sydney-10, and Conner-2
If they wanted something for themselves, I ask them to save from their weekly allowance. And if there's an immediate need, what I do is loan them money.
We chose not to tie allowance to chores, but expect chores to be done simply because we are all part of a family.We explained the reason we give allowance to our kids is to teach them money management. We gave them each three piggy banks. One for savings, one for charity, and one for spending. They could divide their money up in any way they wished, but they had to put something in each bank. We then made them set a savings goal. They could either write it with words or draw a picture of their goal. This helped teach them to control impulse spending. This system has worked great for us!
How are you teaching your kids money management?
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