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Are You Raising Money-Smart Kids?

Posted by on Jun. 24, 2013 at 10:49 AM
  • 53 Replies

How do you teach your kids the value of money? Do allowances work? Should kids get paid for chores or does that make them expect money for everything?

Financial Expert Carrie Sloan, editor in chief of Learnvest, is here to help us give our kids financial savvy.

Are You Raising Money-Smart Kids?




by on Jun. 24, 2013 at 10:49 AM
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Replies (1-10):
amyjane22
by Member on Jun. 24, 2013 at 11:09 AM

I think we're raising a money smart kid.  He has chores that he's not paid for (cleaning up after himself, making his bed, putting away the silverware, setting the table...) and then there are extra duties he can do for some money.  I think this is a good balance of teaching him that we care for our home because we are a team and work together and also teaching him that money is something you have to work for. 

We also live a very modest lifestyle, don't purchase things we can't afford, and are fairly responsible with our money.  

othermom
by Platinum Member on Jun. 24, 2013 at 11:15 AM
I might some time soon. The kids do save their money to buy things, bu they usually justget money for their birthdays
critter_boo
by Bronze Member on Jun. 24, 2013 at 11:26 AM
We are trying too my son saved all year for his I pod touch.
Janet
by Silver Member on Jun. 24, 2013 at 11:45 AM

Yes they get an allowance. They can do extra things to get extra money.

conweis
by Platinum Member on Jun. 24, 2013 at 1:08 PM

We keep track of what we spend at the store. I tell them the budget before we enter the store.

MamaMandee
by Gold Member on Jun. 24, 2013 at 1:37 PM

Mine are not paid for chores, in this house we all pitch in. They can do extra things to earn money. But we do buy them things here and there as a thank you. 

Rushn311
by on Jun. 24, 2013 at 2:43 PM

I was raised on doing things to earn money. It was called Sunday money(allowance). My daughter earns $10 every two weeks, used to be a week but I am not rich. LOL My son gets $5 every two weeks. They are 10 and 5. They have various chores. I raised my daughter's to $13 every two weeks because she takes the dog out a lot now that I am pregnant.

TheJerseyGirl
by Silver Member on Jun. 24, 2013 at 3:17 PM
I definitely think so. I think kids learn what they live. Good or bad, its still a huge influence on what they become.

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jessicasmom1
by Silver Member on Jun. 24, 2013 at 3:21 PM

allowances , Birthday money .. and she gets to buy what she wants from that money.

RobynS
by Silver Member on Jun. 24, 2013 at 4:21 PM

DH and I did Financial Peace University a year and a half ago. Since then, we've been much more conscious of teaching our kids how to be smart with money.

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