Money Management for Kids - Practicing Purchases with Your Child

Before you begin giving children an allowance, it’s helpful to let them practice making purchases as part of teaching money management for kids. Many experts recommend that if you’re out running errands (perhaps at the grocery store), you give your child a small amount of spending money to pick out one thing they want. When it comes time to purchase, allow them to execute the transaction themselves (while you supervise, of course). There are other ways you can approach this. David Owen, in his financial memoir First National Bank of Dad, writes that he gives his children a “vacation allowance”—$10 they can spend as they wish while on the family vacation. This heads off the potential argument

What Jobs for Children Mean: The First Entry on the Resume

When I sit down to interview someone for a position with my company, one of the questions I like to ask is how old they were when they had their first job. Jobs for children can be many things—running a paper route, helping serve at parties, or cleaning pools. I tend to look for people who have held a job by the age of ten. To me this says that they did not need to work, but they had a work ethic and were excited about applying themselves. His findings work for me, but you might have different ideas based on your child’s maturity and interests. When I turned 13, my parents cut off my allowance and let me earn any money I wanted to spend. I was lucky – I had seen this happen to my sister when

Teaching Children Budgeting Basics Through an Allowance

Once you’ve given your child an allowance, are you going to dictate how they manage it? Most experts agree that encouraging some kind of budgeting is helpful. Many of the simpler systems divide the child’s allowance into three categories: money for giving, money for saving, and money for spending. This structure of budgeting basics comes all the way from advice John Rockefeller received from his mother at a young age (seems like it worked for him). I got so excited about this idea that I wrote a children’s book, Give, Save, Spend with the Three Little Pigs, that explains this concept to children using the story of the Three Little Pigs—and has a guide in the back for parents. If you choose t

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