Tips for teaching kids about money and allowances

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Tips for teaching kids about money and allowances

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How to teach the kids to deal with money is an interesting project. I've found, in giving allowances, that money throughout the week, spread out around the house. So my wife came up with this idea, Why don't we give them a check for their allowance. So what we did was, set up an automatic bill pay account. Every week, they get a check in the mail. It gets them excited to run to the mail and get this check. We take them to the bank, they cash the check, see the check transform into green cash. Then we make them split it up. One-third to charity, one-third to their own savings, and one-third to buy whatever they want with it. Then if they want to use their savings to buy a bigger item, we usually share that cost with them. We'll pay half and they'll pay half. That's how we do it.

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Magnus Hellberg

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Magnus Hellberg is the proud father of three, two girls and a boy. He thinks you just have to do the best you can raising your kids, and hold on for dear life, be kind yet fair,  and hope for the best. He feels there are no books than can prepare you for kids in the house, so you have to live it in the moment.

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