Welcome to my blog, hope you enjoy reading
RSS

Tuesday, 22 October 2013

LEADING BY EXAMPLE - TIPS TO HELP TEACH YOUR CHILDREN THE VALUE OF MONEY

I find myself constantly saying "no".

"Mom, can I just have...."
"Please Mom, I won't ask for anything else...."
"But Mom!!! I really want it!!

Kids can be expensive. And if you don't nip this in the bud soon, it's just going to get more expensive as they grow up. This is why it is so important to teach children early about savings.



The one thing I know for certain about kids stuff is that the older they get, the smaller and more expensive their stuff gets....

A few years ago we introduced "pocket money". This was a chore based system that we adapted in order to have him work for the things that he wanted. We have adjusted this as he's gotten older, adding a few extra chores and dropping others. For example; when he was 4-5, brushing his teeth was something that we wanted to really encourage, so we made it a money-earning chore. Now that he's 7, brushing his teeth is non-negotiable and therefore doesn't earn him money. BUT, he's now old enough to make his bed and put his laundry away...

We operate a £2 a week system, where he has a set list of chores that need to be completed on a daily / weekly basis in order for him to receive the £2 on Friday evening. There are strict rules with this as he has a great knack for arguing at the moment. If there is any fussing or fighting to start or complete the chore, NO CASH. These are non-negotiable rules for us. It is important to us that he learns that there are some things in life that he just has to do...simple as that. Mom and Dad don't mess here....

As an extention to the £2 a week, we also offer the availability of extra chores. These are chores that are outside of the regular daily / weekly set that we feel that he can handle. For instance; helping with the dusting, vacuuming, washing the car with Dad, gardening etc. For every chore he completes during the week from these possibilities, he earns 50p. So, depending on what he feels like doing during the week, he can earn himself a tidy little sum of cash!!

It was important for us to show him very clearly that there are things that are expected of him and ALSO, if he chooses, he can get rewarded for his extra efforts.


There are long terms goals that we ask him to focus on - like a particular toy he wants - and there are shorter term gains that he would rather (like spending his £2 on sweets at the corner shop). For the most part, he has kept his eye on the prize. 

This Friday will mark £20 in his money box. I know this may not seem like a great sum of money to most, but for our son, this marks the start of a commitment to working for what he wants and ultimately, getting it himself!! 


Next step in our money lessons will be to help him set up a savings account. We are planning to offer him a "match your savings" plan. This means that for every £ he saves (towards his savings account) within the month, we will match this amount with him. For instance, if he chooses to save half of his monthly pocket money (£4) towards his savings account, we will match it and add £4 of our own. We're hoping that this way he will see how potentially rewarding it can be to save as well as spend!!






16 comments:

  1. الفريق المعين من قبل الشركة للبحث والحفر في جميع الشقوق والثقوب التي من المحتمل أن تكون موجودة بكفاءة عالية ومهارة.
    شركة رش مبيدات
    شركة مكافحة النمل الابيض بالقطيف
    شركة مكافحة حشرات بالقطيف
    شركة رش مبيدات بالقطيف

    ReplyDelete
  2. Packers And Movers Bangalore Local Household Shifting Service, Get Free Best Price Quotes Local Packers and Movers in Bangalore List, Compare Charges, Save Money And Time at
    Local Packers And Movers Bangalore

    ReplyDelete


  3. Don’t be kidding yourself when you say that you do not want to spend your time with an exotic looking woman who is a Escorts Service in Ahmedabad A complete stranger, someone you have not seen before but with features, looks and a figure to die for. We have women with these qualities and more all here with us. Check our other Services...
    Escorts Service in Ahmedabad
    Escorts Service in Ahmedabad
    Escorts Service in Jaipur
    Escorts Service in Jaipur
    Escorts Service in Jaipur

    ReplyDelete
  4. The best way to teach children the importance of saving money is to lead by example, give a little responsibility.

    ReplyDelete
  5. I am really enjoying reading your well written articles. I think you spend numerous effort and time updating your blog.
    Local Packers And Movers Bangalore

    ReplyDelete
  6. Amazing article. Your blog helped me to improve myself in many ways thanks for sharing this kind of wonderful informative blogs in live. I have bookmarked more article from this website. Such a nice blog you are providing ! Kindly Visit Us @ Packers and Movers Ahmedabad

    ReplyDelete