While going through my email recently I came across some thoughts from my brother-in-law on kids and money. My response was my top 5 thoughts on kids and money (earlier):
1) There are chores you have to do because you are a part of the family. There are extra chores you can do to earn money (I think I might let my kids bid against each other on these).
2) During the summer they can do extra work for you/neighbors/businesses.
3) The older they get the longer their pay periods are.
4) Buy a piggy bank that can only be cracked open. Anything they add to savings we will match dollar for dollar (like my own retirement account). Encourage them to keep a ledger of what has gone in so they can have an estimate of when/if they want to crack it open.
5) I'd like them to tithe, so pay day is church day so they can take their "first fruits" to church that day. I'd also like to encourage them to give money away. I'm not quite sure what the kid equivalent of a tax deduction is.
1) There are chores you have to do because you are a part of the family. There are extra chores you can do to earn money (I think I might let my kids bid against each other on these).
2) During the summer they can do extra work for you/neighbors/businesses.
3) The older they get the longer their pay periods are.
4) Buy a piggy bank that can only be cracked open. Anything they add to savings we will match dollar for dollar (like my own retirement account). Encourage them to keep a ledger of what has gone in so they can have an estimate of when/if they want to crack it open.
5) I'd like them to tithe, so pay day is church day so they can take their "first fruits" to church that day. I'd also like to encourage them to give money away. I'm not quite sure what the kid equivalent of a tax deduction is.
When I was in elementary school, my parents gave us allowances with "taxes" to contribute to family events, and let us bid to do chores for money. She told us we could work together if we wanted to.
ReplyDeleteI got my siblings not to bid, then hired them as contractors, it was pretty great.
Set your parameters, kids are jerks.
We all payed taxes pretty cheerfully, though, so some pretty sweet state fair excursions happened.
Yeah I considered the idea my kids my collude together since they'd have union power. My solution was to use other kids in the neighborhood as scabs :)
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