A few weeks ago I read a post on Finances: Your Way that got me thinking about the kids and money. I've thought about this subject before but after this article I actually did more than think! I asked questions of friends and family. Scott and I discussed it. I read some other takes, like this one with ideas from Dave Ramsey. What I was looking for was a way for the kids to understand and respect money. Here's what we settled on...
This is our "Help Wanted" sign. It's on the door to our classroom/playroom/office/guest bedroom. The kids go through that door several times a day, so they can see if money making opportunities are added. I also let them know, once, if I add something. Gracie can't read everything yet, so this way I'm sure that she knows what she can do.
Recycling stays on there all the time. Our recycling collects in the kitchen and at least once a day there's an arm load that needs to get taken downstairs to just outside the garage doors and get put into the bin. If one of the kids does this task without being asked they make five whole cents! Other things get added and after a day or two, if they haven't gotten done, then I do them and erase them. Or the kids are asked to do them and not get paid. Either way, you only make money off the help wanted poster if you complete a task without prompting.
There are several chores that don't earn money. Setting the table, helping to prepare and/or serve food, cleaning up afterward are all part of life, along with cleaning up toys and other little things I'm sure I'm forgetting.
The kids keep a tally of how much they've made on the right hand side of dry erase poster. When their earnings reach a dollar I give them one. Gracie has earned her first dollar and is on the way towards her second. Jace is moving a little slower, but that's OK. They're both helping out more and getting a few cents for their work.
I've also decided that their money is theirs to do what they want with, for now. They see me give to charity, both in money and in material donations. They see me spend. And they hear about saving money for things we want in the future. So, I feel pretty good about this step in teaching them more about money and being responsible with it.
What do you do with your children to help them learn about money?