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Money for nothing?
Recently, I told our daughter that she needed to wait until her birthday or Christmas for a toy she wants. Her response, "I will get it with my allowance." This response made me realize I have done a horrible job of teaching her what that word really means.
I told her that an allowance is "earned" by doing extra household chores. She seems to think she should get it for staying in her bed, brushing her teeth, etc. I explained that, those are important responsibilities but they are not what earns an allowance.
So, now that she's about to turn six, we've decided to discuss what chores she can do and what monetary value to put on them.
Some might argue that she should do things without getting paid to do so. I agree that some responsibilities are just that, but earning an allowance is a great opportunity to teach our children about saving and the value of money.
Another concern is what do we do with our younger daughter? She is almost three and needs to start learning about money as well. So what do we do to make this process age appropriate?
I have been all over the internet and in magazines researching tips for this new adventure. Here is a great article I found in the September issue of Kiplinger's magazine and it's available here online.
http://www.kiplinger.com/magazine/archives/2008/08/children-money-lessons-by-age-group.html
I'm sure we are in for a rough start and we'll have to stick to our guns with the plan we set (we all know that's easier said than done). I believe that it's never to late to start teaching our kids fiscal responsibilities and that "things" in life are not just handed to us, they are earned. And with that earning we gain responsibility and pride in our accomplishments.
Throughout the next few months I will be blogging about our experiences with chores, allowances and what has worked and not worked.
In the meantime I would love to get any advice from you all about what's worked and not worked in your households.
Food on my shirt!
Learning to love the chaos of raising two head strong girls. My husband says "they are just like their mama".
Recently, I told our daughter that she needed to wait until her birthday or Christmas for a toy she wants. Her response, "I will get it with my allowance." This response made me realize I have done a horrible job of teaching her what that word really means.
I told her that an allowance is "earned" by doing extra household chores. She seems to think she should get it for staying in her bed, brushing her teeth, etc. I explained that, those are important responsibilities but they are not what earns an allowance.
So, now that she's about to turn six, we've decided to discuss what chores she can do and what monetary value to put on them.
Some might argue that she should do things without getting paid to do so. I agree that some responsibilities are just that, but earning an allowance is a great opportunity to teach our children about saving and the value of money.
Another concern is what do we do with our younger daughter? She is almost three and needs to start learning about money as well. So what do we do to make this process age appropriate?
I have been all over the internet and in magazines researching tips for this new adventure. Here is a great article I found in the September issue of Kiplinger's magazine and it's available here online.
http://www.kiplinger.com/magazine/archives/2008/08/children-money-lessons-by-age-group.html
I'm sure we are in for a rough start and we'll have to stick to our guns with the plan we set (we all know that's easier said than done). I believe that it's never to late to start teaching our kids fiscal responsibilities and that "things" in life are not just handed to us, they are earned. And with that earning we gain responsibility and pride in our accomplishments.
Throughout the next few months I will be blogging about our experiences with chores, allowances and what has worked and not worked.
In the meantime I would love to get any advice from you all about what's worked and not worked in your households.
