My children receive an allowance (which is a part of my budget) in an effort to teach them about money management. My daughter hoards her money and whenever she wants something, she's always got the money to be able to purchase it right then. My son, on the other hand, spends his money every time he's saved up enough for his current action figure obsession. So he always has to save before he can make a purchase.
Kids have different personalities, even kids that share the same gene pool and grow up in the same house. They view money differently so the lessons that have to emphasized vary, but there are still lessons for each child. Both of my kids are learning how to earn money. They're both also learning about value, when it's alright to spend, and when you should save. My son is (hopefully) learning about delayed gratification and that he can wait to get something he wants; a lesson my daughter seems to understand inherently.
What lessons are your children learning about money? How do you teach them? Do you believe in allowance? Let me know your thoughts in the comments.
1 comment:
What a great blog Darcy! Alek is just getting an interest in money and saving. When did you and Aaron start a weekly allowance w/ the kids and how much do the kids earn? We are trying to figure out when and how much to start Alek out at, and what perameters to tie it to....there are only so many chores a 4 year old can do! :)
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