Tag Archives: Parent

Kids and Money: 5 Tips on Allowances

27 Aug

1. Decide when to start. Experts recommend starting at age 4.

2. Figure out an appropriate amount. Discuss with your child and have them learn how to negotiate pament.

3. Talk with them about saving vs. spending. A three jar setup with saving, spending, and giving is a great way to teach kids about money.

4. Define that allowance is not a reward for household duties. Everyday must-do chores do not receive pay, but extras do.

5. Reward proper spending habits. Match any money they put towards savings.

 

Helping Kids Learn about Budgets

24 Jul

It is very important to teach children about money. Teaching kids about money increases their chances of maintaining budgets and effectively saving in the future. Creating budgets with your children help them develop great financial literacy skills. The Moon Jar is a product designed to teach about saving, spending, and giving. You could easily make something similar. Speaking of making stuff, Pinterest would also be a great place to look for ideas to teach kids about money.

 

Further Reading:

The Mint’s Fun for Kids

(not to be confused with http://www.mint.com)

PBS Kids: It’s My Life (Money)

How to Introduce Money to Kids

4 Money Lessons for Children to Master