Beautiful weather outside today! I have been enjoying the fall temperatures and watching the leaves change color and fall. The dogs are also enjoying the outside! Now I am back inside, so while I have a few minutes, I wanted to write about children and finances.
Many of you who have been following us here, At the Fence, know that I have 6 children. The youngest just turned 18. How time flies! It was important to me as they were growing up, that they learned about how to handle their money. When they were young they received an allowance, just for helping around the home. As they got older we required them to do certain chores, just because they were part of the family and work is necessary. At that point we had extra chores they could do to earn money. Sometimes it was cleaning the car, doing yard work, helping with painting a room, or any extra chore that needed to be done. Dishes, doing their own laundry and cleaning their bedrooms, were just things they were supposed to do without pay. As they became teenagers, they would mow lawns, rake leaves, and babysit to increase their earnings.
So, they had a way to earn money, next we had to teach them about how to handle their money. There are courses available that teach children how to handle their money and we even had a piggy bank that was separated in different sections. One was for donating, one for saving, one for investing and the last was for spending. Money Savvy also has a course for teens called Official Money Guide for Teenagers. We personally believe in giving, to the church and to other believers in need, so this was what we taught them the donate was for. We often chose a missionary they had met to give to.
Another thing was to teach them to save up for larger items, rather than going into debt. In today's society, all too often, we pull out a credit card and purchase an item, that if we just saved for a couple of months it would actually be cheaper than being charged interest. We decided we would sit down and work out the cost of the item they wanted to purchase and show them how much they had to save each week and how long it would take to earn the item. Occasionally we would purchase an item if it was on sale or on clearance and then hold it until they had saved enough to pay for the item. This was how we taught them to stay away from credit card debt.
Some of us as adults have never been taught how to handle our finances. In this case, we can learn from someone else, or learn from costly mistakes. Chase Rubin is there to help people with their finances.
My oldest daughter is a nanny. My next daughter does transcribing. One son is a loan officer at a credit union, while to other is in the military and presently pursuing a career in law enforcement. Then my next daughter is a budding photographer, and the youngest has a blog where she interviews singers, actors, actresses, authors and such. Each one of them has learned about finances and is presently working toward goals.
What tips can you share with us? Please leave a comment below.