Money Management for Kids (11-11-14)

Today’s Parenting Tip:

Decide:    To help your child learn about money.

Practice:       Today, if your child is old enough, establish a money management system for him.

Set some rules about what happens to money that he receives for allowances and gifts.

Decide on what percentage of each allowance or gift will be for the following.

  • Free spending: decide whether you will have approval of what this is used for or not; if so, only judge for matters of safety or morals, not the wisdom or maturity of his choices.
  • Savings for needs: for example, college fund or summer vacation
  • Savings for wants: for example, new bike or lego set
  • Charity: of child’s choice

Today’s Parenting Tip was inspired by our featured picture book, CLEVER JACK TAKES THE CAKE.  Read the book to a child in your life each day as a reminder of what you are deciding and practicing that day.

Come back each day for another good parenting decision and how to practice it. (Each day’s activity will also be posted on the Daily Parenting Tips page for easy access.)

Read the whole story at Birthday Parties, Part 2.

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