Kids on Money Matters

Posted by Dexie

Melissa over at Parenting-Weblog wrote about her son asking a lot about money to pay for his food and such when they're out. I think it was cute :). I do agree with her that 3 yr old is a little bit too early to be teaching kids about money or the proper age to start with the allowance talk. My son is going to be 9 yrs. olf next month and I have to admit for a while he was a little spoiled because the was our only child. He has gotten big stuff at the end of a monthly period. Even though it wasn't all the time it was still a hole in our pocket. But once we recognized that we couldn't go on that way we've talked to him about how much he will be getting but of course there are contidions for his $ rewards. He's gotta do good at school, help out in the house like picking up pine cones in the yard before Dad mows the lawn, and little chores around the house like setting up the table before dinner, or when he cleans his room, or when he helps me out with getting the diaper and wipes for his little sister. Stuff like that. We still buy him toys, here and there of course but we want to him feel good in buying something from his own wallet the he earned from doing the stuff I mentioned.

When we're at a store and he sees something it's a constant struggle because we have to explain to him all the time about the concept of saving his money. It's better if he save his $2/week for now so he could get the big toy he wants instead of buying a small toy that would just end up in the bottom of his toy box after he plays with it for a few days. He gets frustrated by it coz well he's a kid so my husband and I just have to firm about it. So hopefully we're teaching him responsibility and the value of money. I'm sure my husband and I need a lesson on that course too once in a while :).

So how much allowance do you give your kids? What are their incentives?

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Kids on Money Matters

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