MInTheGap

Standing in the Gap in a Society that's Warring with God.

How Do You Teach Your Children about Money?

April 1st, 2015 Viewed 1176 times
School children at Mitchells Plain school. The...

School children at Mitchells Plain school. They draw learners from Khayelitsha and Philippi as well. (Photo credit: Wikipedia)

I was reading Educating Your Children about Money and it had an interesting timeline to follow where it show different ages at which children can process different monetary concepts.  To me, this is a great idea to get them involved as early as possible since I did not really have that kind of education as I was growing up.

One of the things that I have tried to do over the years is to give each of my children an allowance that amounts to how many years that they have been alive.  This echoes the idea of getting a salary instead of paying for chores.  I find that paying for chores doesn’t really work for us, because not only can they opt not to do the chores (which is not conducive to family harmony!), but the book work can be harder to manage.  The way I’m currently doing it, they get paid when I get paid.

3 Different Styles of Teaching Children About Money

June 3rd, 2008 Viewed 2260 times

MotherKids As my kids have started to get older, I’ve thought more and more about how to teach them about money.  From what I’ve been reading, there are actually three different ways to “award” children with money.

Allowance

The first, and most traditional, is the allowance.  You get some money each week because “I love you”, and I make the money.

MInTheGap

Standing in the Gap in a Society that's Warring with God.