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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 12-26-2002, 08:18 PM
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Kids went Christmas Shopping

This was the first year our kids (11, 11, & 13) spent their own money on gifts (they get an allowance). In the past, we bought a few things, and let them choose which one they wanted to give. This year they had to pay half the cost of the gift they chose for each person in our household. Plus they had to do their own shopping. Since they'll have to do this next year too, we're having them save at least $1/week in a "Christmas Club" so they'll have plenty saved up for next year.

For family members not living in our household, we had a couple craft nights and made some really fun stuff (tie dye, fudge, bean soup mix, address labels, etc.). We mostly used craft supplies we already had on hand so with those gifts they invested their time instead of their money.

They were very proud when it came time to give their gifts, both the homemade and the store-bought varieties. I think it taught them about money helped promote the Christmas spirit!

Anybody else tried these approaches to the holidays?
dawny
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Old 11-23-2003, 05:35 PM
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Hello,

We give our kids a set amount of $$$ and take them to the dollar tree. I also encourage them to make their gifts. Anyway, that way they have to be VERY careful with their $$$


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