Since applying the principals of Total Money Makeover and attending Financial Peace University, Cin and I have decided that it is time to start teaching the kids about money. So, we have put them on commission. Ok, you might call it an allowance, but the word implies entitlement. The word Commission reminds them that if they work, they get paid. If they don't work, you don't get paid.
So the kids get five dollars a week for various chores. Today was fun, because it was the first payday. Their eyes lit up as I pulled out the ten one dollar bills and started counting them out (with a little drama and some flair).
There are three things we can do with money that we are trying to teach them: spend, save and give. To that end, they have three envelopes labeled with the names of those three things. We asked them to find a savings goal that would take them a while to save for. Katie has a model horse, and Megs is still thinking.
I hope this helps to begin teaching them things about money that I never knew, including insurance, investing, etc. But, one step at a time.
So the kids get five dollars a week for various chores. Today was fun, because it was the first payday. Their eyes lit up as I pulled out the ten one dollar bills and started counting them out (with a little drama and some flair).
There are three things we can do with money that we are trying to teach them: spend, save and give. To that end, they have three envelopes labeled with the names of those three things. We asked them to find a savings goal that would take them a while to save for. Katie has a model horse, and Megs is still thinking.
I hope this helps to begin teaching them things about money that I never knew, including insurance, investing, etc. But, one step at a time.
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