I was recently interviewed in Family Budgeting, a resourceful site basked in the UK that shares all sorts of money-saving tips and resources. I was asked to share about my practices surrounding giving kids cash. It got me thinking – perhaps overthinking! I am looking for your insight and wisdom, here.
I go back and forth with what the most effective ways are to approach how much spending money the kids should have, how to teach them the value of budgeting, and what allowance amount is appropriate, etc. Do you pay older kids more and give younger kids less responsibilities in the house? For example, for a few months back, I stopped giving my kids their allowance, because I felt that they did not deserve it. Subsequently, I realized that, indeed, I was the one who was not making sure that they were effeciently doing their assigned chores. By not checking up on them regularly, I got sloppy. I have since remedied that issue by making sure I moniter them better. Likewise, I work with them to find opportunities to make extra cash.
While we are on the topic, do you think that $5 too much from the Tooth Fairy? LOL
What I do find, however, is that kids do need to have delayed gratification, yet at the same time experience that they have earning power.
Any tips or resources you can share? Help a Bargain Mama sistah out? Please?