Black Parenting : Teaching young children financial responsibility starting with their allowance, etc

Discussion in 'Black Parenting' started by 3Smiles, Mar 9, 2011.

  1. 3Smiles

    3Smiles New Member MEMBER

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    Ok my parents made me do housework and gave me an allowance as a child, so I do the same for my son. I however grew up with terrible money management skills, which took a while to overcome. SO, I want to teach my son about financial responsibility and how your earnings begin to add up if you manage them correctly.
    Do you guys have the same concerns for your children? What are some methods you use to teach your kids about saving their earnings whether it be allowance, jobs, birthday gifts, etc… Thanks in advance
     
  2. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    In the Spirit of Sankofa and Peace and Love!




    .......Welcome to Destee.com 3Smiles, good having you and good reading you. Not only kids but adults as well have heard me suggest to save all coins, and don't use them in exchange for purchases, which is often the case. We will give the cashier the odd change to complete the purchase rather than considering the change as ours to save.

    By using our dollars for purchases and saving the change, thus allowing coins to accumulate amasses an amount that will startle the average person. Bills can actually be paid from coins saved in this manner, over time...Peace In and enjoy Destee.com, the best site on the Internet for blacks.

     
  3. LadyLC

    LadyLC Well-Known Member MEMBER

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    I used to receive allowance for doing chores around the house and good behavior. I don't remember how much it was and I'm sure it wasn't much because I was allowance age in the late 70's early 80's lol. But candy was cheaper back then too (25 cents for a candy bar). As soon as I got my allowance I was on my bicycle headed for the corner store. Eventually I figured out that if I saved it I would have more to spend at a later date. As I got older I wanted to buy things other than candy like lip gloss lol. It is good for kids to have an allowance because it teaches them responsibility. They may not get it at first and want to spend it as soon as they get it but after a while they should learn to save it. I have 3 kids and I have one that has learned to save money. Sometimes my middle child has more money than I do lol. She learned very quickly to save while the other two haven't caught on yet but I'm sure they will.
     
  4. LadyLC

    LadyLC Well-Known Member MEMBER

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    As I read this I'm reminded of the coin jar you used to keep in your bedroom. When you left for work I used to love sneaking in there to get some money out of it because you always had plenty of quarters in it. I'd get a few out at a time hoping you wouldn't notice them missing LOL LOL...I never got caught but I think your son did get caught with his hand in the money jar *giggles* and notice I'm telling you about this 20 plus years later!!! :shades: :heart:
     
  5. Clyde C Coger Jr

    Clyde C Coger Jr going above and beyond PREMIUM MEMBER

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    .......Yes Ma'am, We had no clue on you:). But Bub-bubble wasn't quite as sneaky or lucky, I guess, lol and got caught, wow...I ain't mad at ya...for real straight-talk.

     
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