children and moneyLearning how to deal with money takes practice. You didn’t know how to ride a bike when you first got one but you learned by trying.  Allowances can be so much more than paying your children for chores accomplished around the house or just giving them pocket money. Allowances can be a tool to really help your child develop a healthy relationship with money.

Rather than just handing money to kids or for accomplishing a set of chores, some parents have adopted a philosophy of teaching their children about saving, spending and serving through the money they earn or are gifted.

Children are asked to think about their money in a similar way to how their parents think about managing a household budget.

  • Saving: a certain percentage of money received, say 20 or 25%, is immediately aside for the future–maybe for a special purchase, an outing, a trip or towards college expenses.
  • Sharing:  is putting money aside for charitable giving. In tithing, it’s often 10%. This money would be used to support charitable causes or even to contribute when attending church. It’s a great way to teach them to think about others.
  • Spending: the rest is up to them to choose how to spend as they desire.

Anyone with kids knows that they want to buy almost everything they see when you take them to the store—as long as you are paying. But it may be a different story if they have to spend their own money. Teaching kids to make choices now, will give them valuable life lessons for tomorrow.

 

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