Allowance & Chores

I feel all children should have household chores starting as early as age 3 along with a weekly allowance. I have seen many adults who can not manage money and wonder if they were ever taught in their youth. Parents…you are teachers! I basically gave my children birthday and Christmas presents, after that anything they wanted they had to buy on their own (minus clothes). Make sure kids also know they don’t get paid for every little thing they do. Some chores are part of being a family, some chores earn allowance and the bigger chores (and I mean BIG) then you can throw some extra $ their way.
I also feel children should buy family members gifts for birthdays and holidays with their own money. Again, this is learning how to budget!
Being able to manage money is one of the great lessons in life that your kids will thank you for teaching them…well maybe not as youths but as adults!

2 Responses

  1. Sadly most adults do not know how to manage money, otherwise we would not be in this housing crisis. Adults teaching children money management is like the blind leading the blind.

  2. I see the glass as half full, my children know how to manage money so it can be done.

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