Like the title says we recently started giving my 5 year old son a hundred bucks a week. On Friday evening we both sit down for 'pay day'. We go over the chores he did (clean room, dishes, back yard cleaning) and talk about work and things he can do to make it easier to accomplish. I then get out $100 in 20's 10's 5's and 1's. I hand it all to him so he can see it, touch it, feel it. I let him know he did a great job this week and he earned every bit of what he's holding. Then it's time for the bills. We carefully go over how much rent, electricity, internet and cable TV cost every month. I also explain what each one of these bills are and how they are necessities in life. I loosely break down the amounts to all equal 85$. Rent being the most costly at $50, electricity $20 and cable and internet at $15. With all of his money spread out on the table I take back the money needed to pay each one of his bills. That leaves him with 15$. I am also teaching him the importance of a savings account of which $5 goes into weekly (mandatory). Like all kids, there's usually some big expensive toy or device that he just has to have and that's the carrot we use to dangle in front of him to get him to want to save instead of just forcing him to. We've only been doing this for 6 weeks, but he has responded terrifically in several different ways. I personally had no help understanding the importance of budgeting growing up and my parents were terrible with their own finances. This screwed me entering adulthood and I wanted to come up with something to give my son a good understanding of how the real world works before he ever stepped foot in it. Wanted to share so others might try this method and also get feedback, thoughts or other things some of you may do to help your kiddos with life lessons. Thanks for reading.
Submitted March 14, 2017 at 04:42PM by ntoxik8ed http://ift.tt/2n7eLEP
