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Kids & Money Allowance. Chores. Savings accounts. Piggy banks. How do you teach your kids about money? What has worked for you?

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Old 03-22-2005, 05:18 AM
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Thanks for all the input ladies... I've decided to give my oldest $10 a week and my 2 youngest $5 a week and make them save a portion of it every week. Hopefully it will be a headstart to being fiscally responsible in the future -- let's hope! Thanks again for the replies!
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Old 03-26-2005, 12:58 PM
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For my kids 5/6/8 and 10. The get the same amount of allowence for their ages. This is not for everyday chores like cleaning their rooms/ taking care of clothes and things like that. We sat down with the kids one night and asked them to pick two things that mom always does that they would like to do and get an allowence for. My 10 year old washes dishes after dinner every night and wipes down thier bathroom everyday. My 8 year old cleans and vacuums the hallway everyday. My 6 year old sets the table everyother day and clears it every night. My 5 year old dusts the livingroom everyday and sets the table every other night. If they do extra stuff they are asked to they can earn an extra $1.00 a week.

We are trying to teach our 6 year old about saving his money to buy what he wants. He is big into bionicles and GI Joe and wants them every week. We just bought him a money jar that adds your change so that is how he gets his allowance now so when he has enough he can go and buy a new toy.

My 10 year old and 5 year old are saving their allowence for their trip to disney world this year. My 8 year old is saving for his trip to New Mexico this summer.
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Old 03-26-2005, 09:06 PM
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Hey Kimmer I love that idea of 2 extra chores. Teaches them responsability and lightens the load for Mom & Dad too. I will have to begin that right away.

This idea came from my good friends dh. He is one of 4 brothers and growing up the Mom would cook meals, but the 4 boys were in charge of cleaning up the ENTIRE kitchen - pots, pans, floor, table etc. after each meal. I think more men need to know their way around a kitchen (at least mine did when we got married!)
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Old 09-08-2006, 11:18 AM
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Allowance

I have 5 boys and right now 4 of them get an allowance. They are 11, 10, 5 and 4 years old.

They get $1.00 per year of age...BUT
20% of that goes into savings
10% of that goes into family Taxes..fun things like vacations, amusement parks, etc
10% of that goes to Charity, tithe...our family sponsors a little girl in Vietnam.

Chores are part of family life, so are not connected to allowance. It has also dramatically stopped the "Can I Have??" at the store. I always say "sure, do you have your money?"
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Old 09-08-2006, 11:29 AM
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I like this idea of giving children the $ amount of thier age and "taking out" of it to teach them about saving. My dds are in college now... I wish we would have implimented this as they were growing up. Although, we always did teach them the fundamentals of saving and that has prooved to have worked. They are very "FRUGAL" like me. I think in todays day this is a very good quality to have. Seems that so many college students are just "wasting their $$ away."
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Old 09-08-2006, 11:35 AM
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Sorry for the BTB post.. But I forgot to say..
WELCOME to FAMILY CORNER, Becky! You will love it here! I just noticed you just joined yesterday. Where are you from? I'm from Pittsburgh. Glad to have you here with us @ FC!
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Old 09-08-2006, 12:02 PM
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Hi Becky and welcome aboard.

We do like LJs mom. No allowance but extra jobs can be paid.

It's hard when they are 13, 14, and 15 and want to work but jobs are low paying or non existent or entrepreneurial work already taken up. Wish we had an afternoon paper delivery instead of 5:30 am one!
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