Good evening my Millionaire buddy I need to inform you that this blog post contains a affiliate link about a product that I used when I was learn about money . So let get started .
Emma and her son were halfway through their Shop-mart run when ten-year-old Bryan says “Mom, can I go look at the LEGOs!”
“Sure,” says Emma. ” We’ll be in the Pet food aisle. Come back in five minutes.”
“Okay,” says Bryan as he rounds the corner and heads up to the toy section.
Five minutes later, Bryan is back – and he has a box in his little hands.
” What is that, Bryan ?” asks Emma.
” It’s that X-Wing Starfighter kit I told you about .”
“Bryan, that costs almost fifty dollars. We’re not buying that .”
” But mom, I brought my allowance money. I can pay for the whole thing !”
” That not the point, Bryan The point is you’re not spending all your allowance money on that .”
” But mom, it’s my money !”
You can see where this conversation is heading, can’t you?
Are you family that uses an allowance system to teach your children about the connection between work and rewards, you have been working really hard to develop a system to help our children to earn a little money.
Maybe you have a chore list that has been changing over the years due to our children growing up on us. Or do you use a sticker or a reward jar and have a list of saving goals with so many great ideas that you could fill up a Pinterest board. And them all of the sudden bam! one trip to store and the whole thing crumbles with a meltdown of a ten- year old.
I am a big fan of giving my children an allowance if they do some extra choices. I truly believe that is no better to help my children the value able financial lessons about the responsibility, the hard work, and the value of a dollar. Giving allowance give children a sense of ownership over they’re a little bit of money and let them have some say about what they do with it. Having allowance is a great tool for helping kids gain invaluable experience with saving and spending and giving.
Also keep in mind that allowance is going to bring about some money conflicts between you and your children, especially if you have different money personalities. Even if your systems for handing out money is all foolproof, it won’t help you deal with the emotional side of money choice, And it’s those emotions that can have the biggest impact of your personal relationship with your children.
That’s really is the focal point of these talk. The financial details how much your child gets, what she has to do to earn her allowance, how often she gets paid – are really a matter of family preference, and you will not hurt your children if your system is different from someone else’s. But what will hurt your relationship with your family is if allowances becomes a point of frights between you and your children.
I do not have a somewhat workable system for a hand out allowance and you want to use this method of teaching the money skills needed. Then I encourage you to do some research on the subject. There a really amazing book at Amazon that has to help me on the subject and here is the link for you to check it https://amzn.to/2WWUW1t the book is called Teach Kids To Count Money! – Counting Money Learning: Children’s Money & Saving Reference.
Keep in mind the primary and secondary money personalities work as a partner- sometime you’ll see more of one than the other one.