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Friday, April 30, 2010

Fair Bucks

The kids are working for fair bucks, they've been at it for 3 days. Tomorrow is the fair and they are excited. Some of the days of work have been more enthusiastic than others but for the most part it's gone well.

The kids want an allowance and I am reluctant. We have tried allowances in the past but it's always been difficult to decide what do kids get paid for, what do they do because they are part of the family, how much, what should they spend their money on, if they make some money should they also be responsible for things like buying presents for friends, or going to the movies or should it all be for their's a tough call and hard to track.

Needs more thought.


Tori said...

I'm weighing in on this one because I feel pretty strongly about it. A study done in 2000 by a group called the Jump Start Coalition found that on a simple personal finance test, high school seniors averaged an F grade (52%). Most young people today do not learn to appreciate that stuff = money = work. It shows in the ease with which they lose things, trash things, quickly become disinterested in their things. The easiest way to teach them the stuff/money/work principle is to give them (reasonable work for age) chores that must be done for which they receive and allowance. If you wonder how much allowance to give, keep track of what you tend to give them for presents for birthday parties, outings, stuff, you name it, and make that the allowance. You're spending it either way, so why not give it to them and then allow them to learn HOW to spend. Teach them how to make a budget, give tithing, and save. As they get older, you can include a clothing allowance. Also, no work, no money. AND LET THEM LIVE WITH THE CONSEQUENCES. Better to teach them now than at age 30.

Some of our kids learned these lessons more easily than others, so I am not saying we've had perfect outcomes, but they all understand the meaning of work, the value of money and have learned to be discriminating consumers.

Yvonne said...

I'm sure I didn't do allowances right, but I did my best to teach the younger ones about money. (Wish I had done something with the older ones because, well, it hasn't been good ; )

The three younger ones know how to save and are good with their money.