Kids and Money Tips
Read these 4 Kids and Money Tips tips to make your life smarter, better, faster and wiser. Each tip is approved by our Editors and created by expert writers so great we call them Gurus. LifeTips is the place to go when you need to know about Child Education tips and hundreds of other topics.
Allowance-the point system
One way to link allowance to chores while giving your child some control and responsibility is to use the chart and point system:
*Assign points to various household duties.
*Children get the assigned points with each task they accomplish.
*At the end of the week, the points are tallied and the children get a set amount (ie: $.25) per point.
Your child will learn that he not only gets an allowance for completing chores, but he is in control of how much he does (and receives).
This is especially nice for those who don't wish to pay their children for what they should already be doing (helping around the house). In this scenario, the "family" earns money and the "family" reaps the rewards when they work together.
Allowance-the incentive jar
While some may see this as nothing less than bribery, it is another means of determining an allowance amount.
The incentive jar can be used two ways:
1. Start with an empty jar. During the week, add a quarter to the jar each time the child does a task you ask him to do. At the end of the week, he gets what's in the jar.
-or-
2. Start with a full jar (whatever your base allowance is, say $5.00). If tasks are not done when they are supposed to be done, take out a quarter. At the end of the week, your child keeps what's left in the jar.
Either of these method's may also be combined with "special bonus duties" such as cleaning out the garage or helping pack away seasonal items.
Financial Responsibility
One way or another, our children are bound to come across some money--whether it's a quarter found in the sofa, birthday money from grandma, or a regular allowance.
One of our jobs as parents is to teach our children financial responsibility. Now, stop laughing, I know that many parents reading this probably don't even balance their own checkbooks, but bear with me.
Certainly we want our children to become successful...but this means different things to different people so we will not define that here. Regardless of your personal feelings about money and what you wish to teach your children about money, there's one common rule that needs to be followed for success:
Stick to your decision!
If you are teaching your child to budget, save, or any other "responsibility" lessons and the rule is "no advances", then you must stick to your decision and not cave in when all is spent and the newest comic book has just hit the newsstand.
Children need consistancy to learn effectively. This does not mean being mean or hard-nosed. But, if you make a decision and your child agrees, then you must both honor the decision for it to have any merit.
The Allowance Decision
It hits every parent at some time or another--do I give my child an allowance?
When considering this heavy subject, consider these questions to help you in your decision:
*How old should my child be before he gets an allowance?
*How much should my child get? and how often?
*Should allowance be linked to chores?
*What should allowance money be for? What are acceptible and not acceptible spending practices?
*How do I teach my child responsibility with money?
There is no right or wrong answer (though your children may beg to differ!) This will be a personal choice and one made with a specific child(ren) and parent(s) in mind.
| Guru Spotlight |
| Sheri Ann Richerson |
