We've recently started the discussion in our house about giving the kids an allowance. This started after our 6 year old started becoming more interested in how money works. She also has a serious case of the 'gimmes' right now and we'd like her to be responsible for purchasing her wants.To help guide us through this process I found a wonderful book called "Money Doesn't Grow on Trees" by Ellie Kay. With humor and countless stories, she gives a wealth of practical ideas from real families on how to teach your kids to budget, give, save, the value of a work ethic, and about credit and debt.
Here are just a few of her foundational tips for teaching kids about finances:
1. Practice What You Preach: Your values are more likely to be caught by your kids as they watch your behavior than taught by endless lectures.
2. Family is a Team Sport: This means that every member of a family has a role and responsibilities. On the other hand, every member can share in the rewards and family income, too.
3. Being Alive Doesn't Qualify You for an Allowance: By tying in an allowance with responsibility, we teach our kids that their choices have consequences. The key is to tie in an allowance to responsibility rather than connecting the allowance with doing basic, expected chores.
4. Consistency is the Key to Parenting: Simply means following through on standards we've set and defined. Easier said than done, I know.
5. Show Kids What Matters Most: What matters most to you in life? If you don't know, I bet I could ask your kids and they'd tell me what matters most to Mom or Dad. In a day of materialim and a lack of delayed gratification, parents need to define the things that matter most and live as if they really believe it.
6. Work Is Not a Four-Letter Word: It's up to us to help our kids develop a good work ethic--they won't learn it in school or muddling through a job as well as they'll learn it from their dear old Ma or Pa.
7. Prepare Them for the Real (Real Expensive) World: Preparing our children means being transparent about our finances and showing them what we really do with our money. This will give them life skills that will give them a real advantaage in real life.
Teaching kids about money is a marathon not a sprint, with the ultimate goal of preparing them for living on their own. The rewards are worth their weight in gold.
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