Kendra’s question: How do I start my boys on a good path to being responsible with money? They are 7, 4 and 1. Is giving an allowance for chores a good thing to implement this early?
For your 7 year old – absolutely! But discuss weekly too about his/her responsibility to now make some purchases of their own with that allowance. You’ll find that they make different decisions when it’s “their money” as opposed to mom and dad always forking over for purchases. Your 4 and 1 year old are a little young, but they’ll see the positive actions of your seven year old and hopefully hear your conversations as well. Remember though that their allowance should be earned, not a right at a certain age.
And as with food, keep in mind to never use money as a reward or punishment. It should be a fair exchange for good work done.
Talk about having kids help out with family budget.
Victoria: I am wondering how you teach a young child the fun way to save?
For kids as with adults, it needs to be visual and short term. Consider a goal thermometer along with a dream board about what they’re saving for. If they can see it and feel they’re making progress towards something they really want, they’ll enjoy the process and the end result too.