MsInterpret

[How to] Teach Your Kids about Personal Finance

***READ MORE WISDOM HERE***

I wrote the blog posts below a few years ago. Remember, do what you believe is best for YOUR family. No comparisons or competition either. Do what you can and ask God to do what you are unable to. Let me know how you teach your children about personal finance.

Blog Post 1:
I pay my kids a stipend to go to school and perform. My children are 13, 11 and 5 and in the 8th, 6th and Kindergarten. I started paying them a year ago after my Director mentioned that he paid his kids. I was intrigued and asked him to explain. He asked me if I was paid to clean my home and of course I said no. So he said why should the kids be compensated for it. True! He told me to use my own method.

I thought of a system that would work for me since I was a single/divorced mom of 3 and not receiving child support. I went with paying them $10 per grade level. A's=100% B's=50% for instance, my 8th grader can earn $80 per month. She has six classes so each A's=$13.33 and B's= $6.67 I do not pay for C's or lower because in life we don't get paid for below average work. Well, let me tell you, this method works! They work so hard and they love the idea of getting paid and having a budget. They still perform all of their chores and have a free day on Saturday's and Sunday's when I take their chores. Remember, we don't get paid to do clean. I stress that we're a team! My Kindergartner? He gets $1 per month and he's happy too! Especially when the Ice Cream Truck comes along.

I allow them to spend the money however they want after their tithe. I have found that they have done extremely well with their money. In fact, my oldest daughter started a candy business at school and now has recurring income. They use it to pay for field trips, movies and "extras" that they want. I really enjoy watching them save and spend.

Blog Post 2:
As you may know, I do believe in giving children a stipend to go to school. Yes, I pay mychildren for their performance. Recently I learned about the Paypal Student account and immediately signed up my 14 year old daughter. What an excellent way to help her save some, spend some and give some (that's our money mantra!) Plus, I do like the idea of making sure that she is staying within her spending plan from her school stipend and her clothing stipend. I no longer purchase clothes, shoes, get hair done, razors, etc. Anything that she or her younger sister wants is now their full responsibility. Doing this has taught them how to shop for sales, splurge when they want and to pay close attention to where their money goes. The children and I take our conscious spending plan SERIOUSLY.

Modeling is the best example because whatever you are telling your money to do (or whatever it is telling you) is what your children will model. Teach financial freedom! Oh and sign your kids (13 years and older) up for the Paypal Teen DEBIT Mastercard here. https://student.paypal.com/
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