I’ve written here already about how back-to-school always feels like a breath of fresh air to me – largely because we get the chance to establish some new routines and it brings a whole new flow to our family life.
One of those routines we’re currently focusing on are our chores. These include both family jobs AND money jobs.
Side Note: For more info. on how we deal with chores and responsibilities, as well as an amazing 50% off deal on our Kids’ Responsibilities & Money Management pack, be sure to check out our limited-time Back-to-School Super Saver Bundle!
So far, it’s going really well. But one of the things that stumped me for a bit, especially when we first started to pay our young children for their “money jobs”, was where they could spend their earnings.
They’re not making a lot, after all, so saving up for a full-price item from the local toy store could take nearly an eternity in my kiddos’ minds.
Today our contributor, Alli, is sharing her thoughts on the best places for young allowance earners to spend some of that hard-earned dough...
My oldest son turns five this Christmas, which is when we were planning to start him on an allowance. And with every day that passes, he’s asking more and more about the money. Where it comes from, how much things cost, and even how it’s made. (Kids’ minds never cease to amaze me.)
He’s a little young to fully understand, but I’m well aware that the earlier we teach him about money, the better off he’ll be.
My parents did a great job teaching me about money. And by the time I was twelve, I was managing my own budget. I’m so grateful for what they taught me, because it’s saved me plenty of heartache in my adult life.
I definitely want to follow in their footsteps, and teach my son well when it comes to money. So I’ve been burying my head in “allowance research.”
I’ve found plenty of tips on how much allowance is appropriate per age, and how to teach generosity (here’s a great resource for both of those questions) but there was a lack of good information on how to help kids spend their allowance in an appropriate way.
Which, to me, is a very important part of the money lesson.
So I put together a “go-to” list; 10 great places for young kids to spend their allowance, for anyone looking to guide their kids in the right direction when it comes to spending. Read More