Start early!
Posted August 9, 2014 - 7:12am
Before we even started school my brother and I received an allowance--$.15 week! In those days there was penny candy and a roll of Life Savers was only a nickel. Our allowance was given to us in the form of three nickels. One nickel went right into our banks, one nickel went to my mother or father for room and board, and the third nickel was to spend. My brother bought something to eat and I put my spending nickel in a little purse in a dresser drawer. On Saturdays we went to the movies paying for the entertainment with money we got by returning soda bottles--2 cents for the little green Coke bottles and 5 cents for the family size--that we picked up on the street, in the alley, or from a playground. If we had a good week, we bought a box of candy before we went to the theatre because it cost a nickel in the store on the corner and 6 cents, if we waited until we got inside the theatre. We learned early on that if we wanted something, we had to earn it and then save it.
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Rachel Adams
I agree! Our kids become spoiled if we give them everything they want. It's important to teach them how to work for it even if you are teaching them in really small ways.
SuperDuperMom
Love the idea here of teaching the child to save part of the allowance. Will definitely do this with my kids when they are old enough.
CraigK
Here's another great idea to teach your kids to budget: http://www.kidsinthehouse.com/blogs/leon-scott-baxter/teaching-your-kids...
CShelton
Awesome advice Craig
Haymalz
We set up allowances early in our family as well. For a while we gave each child $5 a week. 10% then went into their savings and 10% into a fund for giving away, leaving 80% for the kids. They'd let the money in their giving away fund build up so that it became a large amount. Then, they could pick a charity and choose how to spend their money at that charity. It gives them a sense of independence and makes giving away their money more fun for them. Instilling in children a joy of service early can be key. Now, my kids are involved in all sorts of community service.
SuperDuperMom
Community service is such a good idea! I always feel that while charitable donations are important, so is the engagment process. For example, my family goes downtown and feeds the homeless turkey dinners every Thanksgiving morning! It's a fun way to bond with the family, explore the city and help the community.
Hallz105
I can't remember the amount but I had to do something similar. I had to save a percentage of it. I am so thankful that my parents taught me how to be financially responsbile. I've always had great credit, saved for the things I wanted and have very little debt (just our house and cars).
Frugal Minded M...
We don't do allowances, but the kids do learn how to be financially responsible. I acutally wrote a whole blog post about how we do it and why they don't get allowances, but the 3 main ways they learn is through example, being in charge of their own birthday money or whatever they might earn, and getting a job when they turn 16.