Comments on: Kids Allowance – Are you and your child ready for it? http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/ Personal Financial Management Thu, 09 Feb 2012 07:38:40 +0000 http://wordpress.org/?v=2.8.4 hourly 1 By: Christine from Teaching Jobs Today http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-4021 Christine from Teaching Jobs Today Fri, 27 May 2011 04:17:05 +0000 http://blog.budgetpulse.com/?p=530#comment-4021 One thing I never see parents do much is teach children how to spend their money. They give them an allowance, but then they let them do with it what they will. That's fine, of course, but I've seen lots of kids who NEVER spend their money. That may sound good, and I would agree that it's better than the kid who spends everything right away, but I think some responsible spending is good. ... And a little "cut loose" spending is also good. You don't want the kid to grow up always clutching their money. One thing I never see parents do much is teach children how to spend their money. They give them an allowance, but then they let them do with it what they will. That’s fine, of course, but I’ve seen lots of kids who NEVER spend their money. That may sound good, and I would agree that it’s better than the kid who spends everything right away, but I think some responsible spending is good. … And a little “cut loose” spending is also good. You don’t want the kid to grow up always clutching their money.

]]> By: Joshua Roberts http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-3973 Joshua Roberts Sun, 24 Apr 2011 00:17:44 +0000 http://blog.budgetpulse.com/?p=530#comment-3973 Amazing ARTICLE! Great Graphic @ the top! This article is Right on Point & Deserves some Recognition! This Is similar to MY article i Just Have Written. Check it Out Sometime! GREAT job! Amazing ARTICLE! Great Graphic @ the top! This article is Right on Point & Deserves some Recognition! This Is similar to MY article i Just Have Written. Check it Out Sometime! GREAT job!

]]> By: B Kelly http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-3961 B Kelly Thu, 14 Apr 2011 04:01:45 +0000 http://blog.budgetpulse.com/?p=530#comment-3961 I definitely recommend giving kids an allowance. There's no better time to start then when they are young. Building the right money blueprint in their minds and culvating the right financial habits can only do wonders for them as they carry on into adulthood! I definitely recommend giving kids an allowance. There’s no better time to start then when they are young. Building the right money blueprint in their minds and culvating the right financial habits can only do wonders for them as they carry on into adulthood!

]]> By: heaps! http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-3857 heaps! Mon, 18 Oct 2010 21:39:54 +0000 http://blog.budgetpulse.com/?p=530#comment-3857 I agree, giving your child an allowance is a great idea, but it is important that they understand the concept of money and saving and that they earned it by doing chores and helping around the house. Getting money because you worked for it is so much more rewarding and has a higher value. I recently spoke with the guys from DIYFather who discussed this very topic and gave some fantastic tips on how to introduce money and saving into a child's life. Check out the blog post for the video on how to teach your kids about money: http://blog.heaps.co.nz/life-stages/families/how-to-teach-kids-about-money/ I agree, giving your child an allowance is a great idea, but it is important that they understand the concept of money and saving and that they earned it by doing chores and helping around the house. Getting money because you worked for it is so much more rewarding and has a higher value.

I recently spoke with the guys from DIYFather who discussed this very topic and gave some fantastic tips on how to introduce money and saving into a child’s life.

Check out the blog post for the video on how to teach your kids about money:

http://blog.heaps.co.nz/life-stages/families/how-to-teach-kids-about-money/

]]> By: Children's Allowance Money Mentors http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-3708 Children's Allowance Money Mentors Sun, 15 Aug 2010 03:39:46 +0000 http://blog.budgetpulse.com/?p=530#comment-3708 I believe that giving your child an allowance is one of the first things to do to expose your child to money. This will allow them to start understand what money is and what money can be used for. How else is your child going to learn without practical experience? A kids allowance is an important step in their financial lives, so make sure it is done correctly with guidance and communication to your kids. .-= Children's Allowance Money Mentors´s last blog ..<a href="http://www.teaching-kids-about-money.com/2010/top-4-ways-how-to-earn-money-fast-for-kids/" rel="nofollow">Top 4 Ways How To Earn Money Fast For Kids</a> =-. I believe that giving your child an allowance is one of the first things to do to expose your child to money. This will allow them to start understand what money is and what money can be used for. How else is your child going to learn without practical experience? A kids allowance is an important step in their financial lives, so make sure it is done correctly with guidance and communication to your kids.
Children’s Allowance Money Mentors´s last blog ..Top 4 Ways How To Earn Money Fast For Kids My ComLuv Profile

]]> By: Craig http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-2780 Craig Mon, 25 Jan 2010 21:49:52 +0000 http://blog.budgetpulse.com/?p=530#comment-2780 @Elisabeth Agree, the whole point is so they learn the value of a dollar and can practice saving. I had to do chores growing up and keep my grades up. Incentives work because, that's basically how life works. I don't think kids should have allowance with any money that is needed for the family, it's more extra. One thing my parents did was give me money at the beginning of the week for lunch, but I would just make lunch everyday and brown bag it and keep the money for myself. @Elisabeth Agree, the whole point is so they learn the value of a dollar and can practice saving. I had to do chores growing up and keep my grades up. Incentives work because, that’s basically how life works. I don’t think kids should have allowance with any money that is needed for the family, it’s more extra. One thing my parents did was give me money at the beginning of the week for lunch, but I would just make lunch everyday and brown bag it and keep the money for myself.

]]> By: Elisabeth Donati http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-2778 Elisabeth Donati Mon, 25 Jan 2010 18:37:21 +0000 http://blog.budgetpulse.com/?p=530#comment-2778 The whole point to allowances is to give your children practice with money so that they develop the financial skill and muscle to make, manage and multiply their money BEFORE the move out. Children shouldn't be given money just because. They should be put in charge of the money that it's taking to raise them (not the mortgage payments, insurance payments and such but money for clothes, school supplies, etc.). This way they learn to spend it wisely and pay the consequences while they are young when they make mistakes. Children should do household chores because they are a contributing member to the household while encouraged to create money while young as well. Learning that they can readily 'create' money is one of the most valuable (no pun intended) skills they can ever learn. The whole point to allowances is to give your children practice with money so that they develop the financial skill and muscle to make, manage and multiply their money BEFORE the move out.

Children shouldn’t be given money just because. They should be put in charge of the money that it’s taking to raise them (not the mortgage payments, insurance payments and such but money for clothes, school supplies, etc.). This way they learn to spend it wisely and pay the consequences while they are young when they make mistakes.

Children should do household chores because they are a contributing member to the household while encouraged to create money while young as well. Learning that they can readily ‘create’ money is one of the most valuable (no pun intended) skills they can ever learn.

]]> By: Best Way to Teach Kids about Money | BudgetPulse Blog | Personal Finance Tips and News http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-2146 Best Way to Teach Kids about Money | BudgetPulse Blog | Personal Finance Tips and News Tue, 17 Nov 2009 02:33:40 +0000 http://blog.budgetpulse.com/?p=530#comment-2146 [...] left for college, I was teaching her how to balance a checkbook.  Education about money should start when kids are young.  While you might want to wait to teach him/her to drive, financial education should start when [...] [...] left for college, I was teaching her how to balance a checkbook.  Education about money should start when kids are young.  While you might want to wait to teach him/her to drive, financial education should start when [...]

]]> By: Craig http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-2145 Craig Mon, 16 Nov 2009 23:36:24 +0000 http://blog.budgetpulse.com/?p=530#comment-2145 @Kids and Money I like that approach, it was the way I was raised as well. Teaching kids about playing their roles and earning their allowance can really build good habits and make them more well rounded. @Kids and Money I like that approach, it was the way I was raised as well. Teaching kids about playing their roles and earning their allowance can really build good habits and make them more well rounded.

]]> By: Kids and Money http://blog.budgetpulse.com/2009/08/20/kids-allowance-%e2%80%93-are-you-and-your-child-ready-for-it/comment-page-1/#comment-2142 Kids and Money Sun, 15 Nov 2009 07:54:58 +0000 http://blog.budgetpulse.com/?p=530#comment-2142 Our children must EARN their allowance, no freebies!! As a single parent that was *less* than good with money throughout my youth, teaching children about money is CRUCIAL, in my mind. I’m not going to blame parents, schools, etc, but quite simply, I clearly “didn’t get it”, and I am still paying for those mistakes a decade later! And quite frankly, I hate the position I got myself in, everytime I pay off my past debts… I could have used my time/money sooooo much better. Our children must EARN their allowance, no freebies!! As a single parent that was *less* than good with money throughout my youth, teaching children about money is CRUCIAL, in my mind. I’m not going to blame parents, schools, etc, but quite simply, I clearly “didn’t get it”, and I am still paying for those mistakes a decade later! And quite frankly, I hate the position I got myself in, everytime I pay off my past debts… I could have used my time/money sooooo much better.

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