Money can be a subject that many parents shy away from. However, it's an essential life lesson that kids need to learn and need to learn early on. They need to understand how you get money, how to use money and (more importantly) how not to use money.
Do you give your kids an allowance?
My daughters are still very young - 1 and 3 years old. But my 3 year old loves playing with our spare change and I let her, because I want to expose her to money early. I try to teach her that it is important and not to lose it!
When my kids get older, I will follow the same method most of the moms below do - there are household chores that you do as part of the family and there is extra work you can choose to do to get paid. Then we will work out how to divide and save/spend the money. I learned this first from Dave Ramsey and his daughter, Rachel Cruz, discusses it in depth here as well.
Here is what other moms have to say about when their kids should get their first cell phone.
Advice and Stories from Real Moms
The entire family needs to help out
I do not give my kid's an allowance for a few reasons. My biggest reason is because I believe that kid's should help around the house without a financial reward but the reward of knowing that they are lucky to have a roof over their head and to understand that as a family, we should all help out and work together. My second reason is because I have enough bills as it is. I would hate to have to set aside a certain dollar amount each week. - Aimee from House of Faucis
Regular chores aren't paid
No. They get money from family for birthdays and Christmas, and sometimes they earn money doing extra chores. Regular chores aren't paid because that is part of life (and part of living here). - Leanne from The Transplanted Southerner
But they do get paid for good behavior
Of course! $2 for no swearing, $5 for clean room, $5 for kind gesture, $1 for cleaning the hamster cage. She thought she was being underpaid. - Chloe from Reviews by Clo
Give them the ability to earn money
No, but I do pay them. My kids don't get paid for their regular chores because I want them to understand that they have a role in our family that involves taking care of themselves (within reason) and helping to take care of our home. However, I also want them to learn the value of hard work and how to budget their money so I give them opportunities to earn money by doing chores above and beyond their usual responsibilities. - Corinne from Wondermom Wannabe
Help them learn communication and sales to earn more
We don't do allowances. Our kiddos help with the household and farm chores because they are part of the family too. But we do a fair share of any profits the farm makes from the work they help with - like selling eggs. It's a great lesson in real world economics, and also a great motivator for them to learn communication and sales. - Jamie from Walking In High Cotton
Thank you Moms!
This is just another example of choosing what is best for you and your family. Money can be a very touchy subject for people, but I think it's important to start teaching our kids about it at a young age.
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