We want to recognize that kids of all ages can begin contributing to our families! We find many of our clients do not realize the household tasks/“chores”/contributions that their child or children are capable of. Every family has their of philosophy with regards to wether your child gets paid for their contributions or not. We acknowledge that this is a personal decision. In this space we simply want to brainstorm a few ideas in hopes that it would lead to a conversation with you family about what tasks could benefit the rhythms of your family.
Here’s a super helpful list from The Crafting Chicks:
Another simple, but effective tool is teaching our kiddos about how our money is allotted for different things after we earn it. Think of the following categories and if they might make sense to incorporate with your family?!
Family Tax, Giving, Saving, Spending
Wether you decide to give your kiddos an allowance, have them work for their money, or choose a combination or the two, it can be very helpful for them to divide up their money into categories.
In our house (Robin) my kiddos have enjoyed savings their money up towards a goal of spending it on something they really want. They collect money for random chores that go above an beyond their normal contributions, from the “tooth fairy”, or from grandparents/family for their birthdays. We recently gave them each $10 from our larger family tax refund to enjoy spending or saving. Our oldest (8) even asked if he could open his own savings account at the bank to start saving even more money for his “Lamborghini”. 😂😂😂 #goals right?!
Whatever way you choose, it’s fun to think about how you’re taxed and how you spend, save, and give as an adult to help your kiddos learn! What ways did you learn as a kid about finances and family contributions?!