I seen something that a woman did to teach responsibility and savings which turned out to have an amazing reward at the end. Her daughter at the time 7 years old was given $7 a week allowance for chores. The catch she had to pay $1 rent $1 electric $1 gas $1 food the rest she could spend or save but next week the same and chores well that was her "job". As she aged prices went up on everything. In the end at age 18 she graduated and all the money she paid in bills her mom saved and that money paid for college. Her daughter not knowing her mom save it was the best reward for all the years she "worked" and "paid" bills while living at moms. The best system I have ever heard of. Just thought I'd share this with everyone.
What a wonderful story. Thanks for sharing! I recently opened a kids savings account for my 5 and 6 year old. I researched kids savings accounts and highly recommend PNC. They have an interactive website with Sesame Street characters aimed at teaching kids about money basics.
Great story! I have found that the greenlight card has helped me tremendously to teach my kids about budgeting. It's been a really awesome resource for my family.
My children get an allowance. But out of that allowance they have “bills” and “savings”. So yes they get paid but have to pay back just like a regular paycheck.
Have you seen this story? A single mom hosted a job fair for household duties, complete with applications and interviews, so her kids could begin to work for their allowances.
https://www.google.com/amp/s/www.yahoo.com/amphtml/lifestyle/mom-at-home-job-fair-teach-work-earn-allowances-224816541.html
I definately am teaching and will continue to teach my daughter about saving. She's five right now and I figure the younger the better. I wish my parents would have taught me how to save and why its important to.
