http://livingwellonless.com/2008/12/15/how-much-do-your-kids-know-about-your-finances/ Simply Frugal. Simply Healthy. Simply Happy. Tue, 07 Feb 2012 15:52:04 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://livingwellonless.com/2008/12/15/how-much-do-your-kids-know-about-your-finances/comment-page-1/#comment-719 kim Sun, 21 Dec 2008 18:00:04 +0000 http://livingwellonless.com/?p=440#comment-719 I have two boys, 13 & 16, and they get weekly allowance not so much for chores - we expect them to contribute to that (parents don't get paid to clean the house, right? LOL!) - but for money management. They know that if it's something outside of a necessity we typically provide - basic clothing (not $60 jeans), food, etc. - they have to pick up the tab. It teaches them to think about what's important to them, and to learn from mistakes ($5 worth of candy? Poof - gone too soon). Sometimes they've pooled their money for larger/more expensive items, like video games and the negotiation skills they learn from those transactions are priceless. I do think it's an excellent idea to give kids age-appropriate lessons on money management. Definitely check out Dave Ramsey's advice on the matter. I have two boys, 13 & 16, and they get weekly allowance not so much for chores – we expect them to contribute to that (parents don’t get paid to clean the house, right? LOL!) – but for money management. They know that if it’s something outside of a necessity we typically provide – basic clothing (not $60 jeans), food, etc. – they have to pick up the tab. It teaches them to think about what’s important to them, and to learn from mistakes ($5 worth of candy? Poof – gone too soon). Sometimes they’ve pooled their money for larger/more expensive items, like video games and the negotiation skills they learn from those transactions are priceless. I do think it’s an excellent idea to give kids age-appropriate lessons on money management. Definitely check out Dave Ramsey’s advice on the matter.

]]> http://livingwellonless.com/2008/12/15/how-much-do-your-kids-know-about-your-finances/comment-page-1/#comment-660 Sandy Mon, 15 Dec 2008 15:23:07 +0000 http://livingwellonless.com/?p=440#comment-660 My husband and I don't have children yet, either, but we've also begun to talk about this topic. I had an allowance growing up and I also always had a job (babysitting in junior high and working retail in high school). My husband didn't get an allowance growing up nor did he have a job in high school. We've agreed that we'd like for our kids to work in high school, at least in the summers, and we want them to establish a checking account and savings account before they graduate high school. We'll probably also give them age-appropriate allowances and we want to start early teaching our children how to save and give. (Dave Ramsey has some great ideas for teaching children about money.) I think the most important thing I could teach my children is the value of working hard and saving up for the things they want. We will also teach them to avoid debt as much as possible!! My husband and I don’t have children yet, either, but we’ve also begun to talk about this topic. I had an allowance growing up and I also always had a job (babysitting in junior high and working retail in high school). My husband didn’t get an allowance growing up nor did he have a job in high school. We’ve agreed that we’d like for our kids to work in high school, at least in the summers, and we want them to establish a checking account and savings account before they graduate high school. We’ll probably also give them age-appropriate allowances and we want to start early teaching our children how to save and give. (Dave Ramsey has some great ideas for teaching children about money.) I think the most important thing I could teach my children is the value of working hard and saving up for the things they want. We will also teach them to avoid debt as much as possible!!

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