Teaching the kids about money

The kids are growing up, and lately we have been introducing to them the concept of Money.

As I was growing up, I have been taught the value of money, by working my way around the house. Whenever I wanted to buy a new toy, I was encouraged to do household chores. When I saved up enough extra pocket money, I was then able to get the present I desired.

In the same way, I will definitely be putting Nicole on a strict daily/weekly allowance, and making her work her way around the house for additional income.

On the other hand, some parents have told me that household chores are part of the duties that everyone should contribute to. Rewarding the children in this way, does not reinforce this obligatory family value, but it might instead foster a misplaced work-reward ethic. What do you guys think?

Whichever camp you come from, I think we can both agree that we should not “spoil” the kids, and that they must have a understanding of the value of money.

If we want to teach about the value of money and effective stewardship, we must be effective role models. If we want to teach our children generousity, we must be generous ourselves. If we want to teach about savings, we must be a savers ourselves. Looks like we can never escape ROLE-Modeling.

Whatever it is, I think I need to start early, as all our biological clocks seem to be ticking away…